Sensex Nosedives 1,400 Points, Nifty Below 17,000. Metal, Bank Stocks Weak

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New Delhi: Indian share markets on Monday opened in the red and fell a sharp 1,400 points, in line with the global markets. Sensex was trading at 56,757 as of 9:30 AM on Monday, according to data on bseindia’s website. On the other hand, Nifty50 was trading at 16,974, 400 points below the previous close.Also Read – LIC IPO: How To Link PAN Card With Your LIC Policy To Avail Reserved Shares?

According to media reports, the rising tensions between Ukraine and Russia have been a major factor for the weak global markets. According to a report by Mint, the massive military build-up on the Ukrainian border makes the attack imminent. Along with this, the inflation figures especially in the USA have been a major dampener for the investors’ spirit. Also Read – Stocks To Buy Today: Shares For Profitable Trade On February 14

In India, the country’s biggest bank fraud of over Rs 22,842 crore, too, has sent ripples across the share market. The CBI is conducting a forensic audit in the ABG Shipyard fraud case. The company has been booked for cheating over two dozen lenders for over Rs 22,000 crore. Also Read – Gold Rate Today: Gold Prices Rise For Third Consecutive Day. Check Latest Gold Rates In Your City On February 14, 2022 Here

All the stocks in Sensex, except TCS, have been trading in the red as of 9:30 AM. SBI and Bharti Airtel were the top losers. Federal Bank, Bank of Baroda, Union Bank, Punjab National Bank, SBI and Canara Bank fell over 4 per cent in early trade.

In Metal stocks, Welspun Corp Ltd and JSW Steel were down over 5 per cent. Hindustan Copper, Tata Steel, and Jindal Steel too were down 4 per cent. In the financial services, Piramal Enterprises Ltd was the top loser. Financial Services too were showing weak performance.

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