Nifty, Sensex Give Up Gains In Last Hour As Ukraine Carries Out Deep Strikes Inside Russia: Market Wrap 

The Indian equity benchmarks gave up most gains in the last leg of the trade as risk–off sentiment rose, after Ukraine carried out strikes deep inside Russia with western non–nuclear missiles. The risk sentiment was affected on concerns that Ukraine's strike with western weapons may lead to nuclear response by Russia, the Guardian reported citing Tass.

Despite giving up gains, the NSE Nifty 50 snapped a seven–day losing streak. While, the BSE Sensex reversed a four–day loss. The Nifty 50 ended 64.70 points, or 0.28% higher at 23,518.50. The Sensex ended up 239.38 points, or 0.31% at 77,578.38.

Indian financial markets are closed on Wednesday for Maharashtra State Assembly Election.

Earlier in the day, the Nifty 50 rose 1.39% to 23,780.65, and the Sensex rose 1.44% to 78,451.65. Both the indices posted their biggest intraday gains since Sept. 20.

Broad–based gains across emerging asset class following a decline in US Treasury yields and the dollar index also supported upward trajectory of Indian benchmarks.

The NSE India Volatility Index plunged 16.05% to 12.73, the lowest level since Oct. 24. It ended 3.23% higher at 15.66.

Despite a strong opening, Nifty was unable to hold its higher levels as a steep correction was seen in the IT and mid and smallcap counters which pulled the index lower to 23,350, said Aditya Gaggar, director, Progressive Shares.

However, a strong uptick in the metal, select FMCG and PSU banking stocks supported Nifty to turn green. But another round of selling dragged the index lower. The disparity was seen in the broader markets where midcaps outperformed, while smallcap underperformed the Frontline Index, he said.

With a bearish Marubozu candlestick pattern, Nifty decisively closed below the 200–day simple moving average, which provides a negative picture but to confirm the breakdown, we will wait for at least 1 or 2 trading sessions, Gaggar said.

Tuesday's low is crucial and considered as immediate support at 23,350, while the first hurdle is placed at 23,600. A break on either sides will open the door for another 250-300 points, according to him.

Shares of HDFC Bank Ltd., Mahindra & Mahindra Ltd., Infosys Ltd., Sun Pharmaceutical Industries Ltd., and Tata Consultancy Services Ltd. positively contributed to changes in the Nifty 50.

While those of Reliance Industries Ltd., ICICI Bank Ltd., State Bank of India, Larsen & Toubro Ltd., and Bharti Airtel Ltd. limited gains.

On NSE, eight out of 12 sectors ended higher, and four declined. The NSE Metal declined the most, and the NSE Nifty Media rose the most.

Broader indices outperformed. Both BSE Midcap and BSE Smallcap closed 0.9% higher.

Three of the 21 sectoral indices on the BSE fell and 18 ended in the green. BSE Realty rose the most.

Market breadth was skewed in the favour of buyers. Around 2,313 stock rose, 1,649 declined, and 97 remained unchanged on the BSE.