“The Russia-Ukraine conflict, fresh sanctions on Russia by global powers, and reports of the Russian attack on Europe’s biggest nuclear plant in Ukraine added more tension on global investors.
The broader Nifty50 tanked 1.53% to end at 16,245.35, while the Sensex dropped 1.40% to 54,333.81 as Nifty midcap and small cap indices dropped 2.08% and 1.78% respectively.
Rupak De, Senior Technical Analyst at LKP Securities said Nifty slipped lower after a few days of consolidation on the daily timeframe; which will heighten the possibility of falling below the 16000-mark in the short term.
Meanwhile, Nifty and the Sensex declined 2.5% and 2.7% respectively for the week ended March 4, which also saw a trading holiday on account of Mahashivratri on March 1.
He said state elections outcome is unlikely to be a crucial factor but rather than a short-term positive & negative reaction.