16 Feb 2022 , 12:05 PM
Globally, Oil tumbled over 4% from a seven-year high overnight after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.
Sensex dropped 350 pts also the Nifty 50 below 17,300 as market made a U-turn after edging higher post a flat start. The domestic markets were weak despite strength across global markets amid easing Russia-Ukraine tensions. Gains in oil & gas, pharma and auto stocks were countered by losses in select financial shares.
At around 12.05 pm, BSE Sensex was trading at 57,963.85 down 178.2 points or 0.31% and Nifty50 at 17,311.55 down 40.90 points or 0.24%. Nifty Oil & Gas was trading at 7,596.35 up 47.40 points or 0.63%, touching a high of 7,635.15 and low of 7,549.35 during intraday trade on Wednesday.
Mangalore Refinery and Petrochemicals Limited and Reliance Industries Ltd were among the top losers on Wednesday.
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