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“Despite the developments in the Russia-Ukraine conflict, the US economy is in a very strong shape, they are not impacted by this oil move as much as some of the oil dependent countries like India are. Therefore, these are the sectors – IT, textiles and chemicals which are definitely worth looking into.”

“Right now though the market is not sure how much uncertainty there is. War is going on. It seems like it will stay contained within a finite geographic area but you cannot be sure. As soon as the market gets some intuitive sense, it will start recovering and rallying well before the market men or experts become comfortable with what is going on in the world.”

At 9.20 am, the BSE Sensex was trading at 52,932.22, down 1,401.59 points or 2.58 per cent. Nifty50 was quoting at 15,851.30, down 394.05 points or 2.43 per cent.

Pritam Patnaik, Head - Commodities, Axis Securities said, "With the intensity of war between Russia and Ukraine ratcheting a few notches higher over the weekend, and with no diplomatic solution in sight, the safe-haven premium has significantly increased, pushing gold over the $2,000 level in the international markets."

Bharat Coking Coal (BCCL), a Dhanbad-based subsidiary of the Maharatna public sector undertaking, also claimed that it registered the highest off-take growth of around 66 per cent to 2.93 MT during the last month, PTI reported.

“We are increasingly thinking that the chance of the sanctions against Russia becoming broader is higher than 50%. We think that oil could be included in sanctions and that is going to add to the pressure on the consumer. We are dealing with high inflation and at some point, it will start to hurt growth.”

The Nifty IT index was trading 1.49 per cent down at 33667.35.

In a regulatory filing on Friday, PNB Housing Finance said that a meeting of the Board of Directors of PNB Housing Finance Limited is scheduled to be held on March 9 to consider fund raising options by issue of equity shares through appropriate methods (including rights issue), subject to requisite approvals.

Exchange rates were updating normally, NSE said.

A total of 776,060 shares changed hands on the counter till 10:30AM (IST).