Closing Bell: Sensex drops 68 points, Nifty closes at 17,063

Domestic market indices Sensex and Nifty extended their
losing streak to the sixth session on Wednesday as the persistent Ukraine
crisis continued to affect investor sentiment.

The 30-share Sensex closed 68.62 points or 0.12% down at
57,232.06 and the Nifty dropped 28.95 points or 0.12% to end at 17,063.25. BSE midcap and smallcap indices at the close were up
0.5%-1% each.

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Both indices traded in positive territory for most of the
session following Asian peers as investors expected that Western sanctions on
Russia after Moscow’s troop movements near Ukraine border might soften Vladimir
Putin’s defiant tone and leave some room to avoid war.

Among the top laggards were NTPC by 1.55%, L&T by
1.13%, Nestle by 0.93%, ICICI Bank by 0.89% and HDFC by 0.67%.

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Asian market peers closed mostly higher expecting that
war in Ukraine can be avoided after the US, Japan and European powers imposed
sanctions on Russia.

On Tuesday, stocks on Wall Street closed lower after
Russia deployed forces into eastern regions of Ukraine, raising tensions.

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Vladimir Putin recognised the independence of two rebel-held
regions in Ukraine, prompting fears of a full-scale invasion.

Brent crude futures were at USD 96.74 a barrel, having
slipped off a high of USD 99.50 hit on Tuesday.

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According to stock exchange data, foreign institutional
investors continued their selling spree in Indian markets as they offloaded
shares worth Rs 3,245.52 crore on a net basis on Tuesday.

The rupee rallied by 25 paise to 74.59 against the US
dollar on Wednesday.