Market closing: Sensex falls 537-pts, Nifty closes above 17000

Indian equities dipped on Wednesday, mirroring a broader global equities sell-off. Investors were startled by economic growth uncertainties, and reports that Russia will reduce gas supplies to Eastern Europe added to the gloomy sell-off. The risk-off mood was mostly fueled by Russia's newest step, which is seen as a serious escalation in the Ukraine crisis: the suspension of supplies to Poland and Bulgaria starting today.

The 30-share BSE Sensex dropped 537 points to over 56,819, while the broader NSE Nifty sank nearly 162 points to 17,038. Both benchmarks have given up their gains from the previous day. 

Stocks fell across the board, with all of the major Nifty sub-indices in the red. The top Nifty winners of the day were Hero MotoCorp, Tata Steel, Asian Paints, HCL Tech, and Eicher Motors, while the top laggards were Bajaj Finance, Bajaj Finserv, Tata Consumers, Shree Cements, and Adani Ports.

 Shares of Reliance Industrial Infrastructure Ltd  surged 20% on the BSE, bucking the trend. On the other hand, shares in Future Organization companies fell for the third day in a row, with Future Consumer down over 20% and Future Enterprises and Future Retail down about 5%, amid growing concerns that the group is on the verge of bankruptcy.

Oil and gas prices rose as a result of this decision. Brent crude prices have risen to around USD 106 per barrel. In the previous session, crude prices climbed by 3% in choppy trade.

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