Markets close lower; Nifty settles below 17,150; Britannia, Grasim stocks drop

21 Mar 2022 , 04:00 PM

Domestic equities declined after a strong rally over the past few sessions as sentiments took a hit as reports suggested that Europe might put a ban on Russian oil imports. Moreover, Russian interest repayments are due this week, which may affect the markets in the near-term.

The BSE Sensex slipped 571 points or 0.99 per cent to close at 57,292, while the broader NSE Nifty fell 169 points or 0.98 per cent at 17,118. Nifty Midcap was down by 0.3%, while Nifty Smallcap gained 0.2%.

Most sectoral indices ended in red except Nifty Media (+0.4%) and Nifty Metal (+1.4%). Nifty FMCG declined the most at 1.8% followed by Nifty PSU Bank (-1.4%) and Nifty Auto (-1.3%).

Also, the Nifty Bank and Nifty FMCG underperformed the index by falling as much as 1.13 per cent and 1.72 per cent, respectively.

Britannia was the top Nifty loser followed by Grasim, Tata Consumer Products, Shree Cement and SBI Life. On the flip side, Coal India, Hindalco, UPL, ONGC and HDFC Bank closed higher today.

Meanwhile, crude prices surged above the $110 a barrel mark, fanning fears of higher inflation.