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Local equity markets succumbed to selling pressure and were currently nursing losses of over two percent each, which dragged both Sensex and Nifty below the crucial 53,100 and 15,950 levels respectively. Markets fall was led by ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices. Oil prices soared more than 6%, touching their highest since 2008 after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. The stocks were beaten blue as foreign portfolio investors (FPIs) pulled out as much as Rs 17,537 crore from the Indian markets in just three trading sessions of March as investors' sentiment got dented by the uncertainty triggered by the Russia-Ukraine conflict and rising crude oil prices. Also, foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data. On the global front, all Asian markets were trading lower tracking a slump in global equity markets amid surging commodity prices and an escalating Russia-Ukraine crisis, while resurgent domestic COVID-19 outbreaks also weighed on sentiment.

Back home, BSE Sensex is currently trading at 53089.34, down by 1244.47 points or 2.29% after trading in a range of 52542.64 and 53203.87. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 2.20%, while Small cap index was down by 1.94%.

The top gaining sectoral indices on the BSE were Telecom up by 1.06%, Metal up by 0.94%, TECK up by 0.34% and IT was up by 0.21%, while Realty down by 4.43%, Bankex down by 4.12%, Auto down by 3.70%, Capital Goods down by 3.12% and Industrials was down by 3.03% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 2.59%, HCL Tech up by 1.05%, Infosys up by 0.97% and Wipro was up by 0.24%. On the flip side, Axis Bank down by 5.73%, Indusind Bank down by 5.40%, Bajaj Finserv down by 5.22%, Maruti Suzuki down by 5.08% and Mahindra & Mahindra was down by 4.86% were the top losers.

Meanwhile, credit ratings agency Crisil has said that the Reserve Bank of India’s (RBI) revised norms led to a 1.50 per cent jump in the non-banking finance companies’ (NBFCs) reported gross non-performing assets (GNPAs) to 6.80 per cent in the December quarter (Q3FY22). If not for the revised norms, it said the improvement in economic activity would have led to a 0.30 per cent improvement in GNPAs during the December quarter to 5.3 per cent. However, it said the GNPAs for the NBFCs are expected to reduce going ahead as the players have bolstered their collection processes and economic activity is also improving.

The report stated that for the December quarter, two provisions of an RBI circular had a significant impact -- change in recognition of NPAs to a daily due date basis versus month-end basis followed earlier by many NBFCs, and the increased stringency in the upgradation of NPAs, which is now to be linked to the clearing of all overdues by borrowers. It noted that the impact of the circular varies across segments, pointing out that the gold loans segment continues to be resilient.

According to the report, the NPAs are expected to improve going ahead on the RBI's follow-up circular on February 15, which deferred the implementation of the NPA upgradation norm till September 30, 2022 and hence allowed reasonable transition time for NBFCs to recalibrate processes, revamp their collection infrastructure, and persuade borrowers to align with the new dispensation. Other factors which are expected to help in the improvement will be the overall recovery expected in the macroeconomic activity and limited impact of the third COVID-19 wave so far which has ensured that businesses are functional with low disruptions.

The CNX Nifty is currently trading at 15905.10, down by 340.25 points or 2.09% after trading in a range of 15741.55 and 15944.60. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were ONGC up by 5.36%, Hindalco up by 3.73%, Bharti Airtel up by 2.50%, UPL up by 1.42% and Coal India was up by 1.13%. On the flip side, Axis Bank down by 5.80%, Indusind Bank down by 5.41%, Tata Motors down by 5.38%, Bajaj Finserv down by 5.32% and Maruti Suzuki was down by 5.23% were the top losers.

All Asian markets were trading lower, Taiwan Weighted dropped 557.83 points or 3.15% to 17,178.69, Shanghai Composite declined 69.44 points or 2.01% to 3,378.21, KOSPI fell 58.20 points or 2.14% to 2,655.23, Nikkei 225 slipped 764.06 points or 2.94% to 25,221.41, Straits Times trembled 19.01 points or 0.59% to 3,207.77, Hang Seng decreased 734.50 points or 3.35% to 21,170.79 and Jakarta Composite was down by 55.54 points or 0.8% to 6,872.79.

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