New Delhi, India: In the face of weak global cues, Indian market indices sank dramatically on Wednesday, led by auto and banking stocks. Investors were on edge due to concerns about the impact of tough measures against Russia for invading Ukraine. The benchmark BSE Sensex fell 778 points, or 1.38 percent, to finish at 55,469, while the broader NSE Nifty down 188 points, or 1.12 percent, to 16,606.

Government data revealed that economic growth dropped to 5.4 percent in the October-December quarter, down from 8.5 percent the previous quarter. The burden was exacerbated by a substantial rise in crude oil costs. Brent crude prices rose above $110 for the first time since July 2014.

Mid- and small-cap stocks ended mixed, with the Nifty Midcap 100 index down 0.02 percent and small-cap stocks rising 0.50 percent.

The majority of the sectoral indices in the National Stock Exchange were in negative territory. Nifty Auto and Nifty Bank, which fell 2.96 percent and 2.30 percent, respectively, lagged the index. Nifty Metal stocks, on the other hand, gained by 4.07 percent.

 Maruti Sukuzi India was the top Nifty loser, with the stock falling 6 percent to Rs. 7,815.15. Among the laggards were Dr. Reddy's, Bajaj Auto, Asian Paints, and Hero MotoCorp.

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