The Indian stock market experienced significant declines as the Sensex dropped 500 points, with the Nifty slipping below 23,350. This decline was primarily attributed to bribery allegations against Gautam Adani and others, which resulted in a negative impact on investor sentiment.

Additionally, the ongoing Russia-Ukraine conflict has heightened geopolitical tensions, further contributing to market uncertainty. As of noon, the Sensex was down 424.48 points or 0.55 percent at 77,153.90, while the Nifty fell 165.10 points or 0.70 percent to 23,353.40. The market breadth was unfavorable, with 958 shares advancing against 2,354 declining and 78 remaining unchanged.

Notably, Power Grid Corp, Axis Bank, Hindalco, Tata Steel, and Grasim were among the key gainers in the Nifty. Market analysts, including Kranthi Bathini from WealthMills Securities, have observed that the escalating tensions from the Ukraine-Russia conflict are contributing to market uncertainty. This environment has led investors to adopt a cautious approach, further pressuring the Nifty as the Adani situation unfolds, adding to the overall downward momentum in the markets.