Indian equity markets faced a downturn on Wednesday, primarily influenced by renewed tariff concerns from the United States, ongoing geopolitical tensions, and reports of new attacks in Ukraine. The NSE Nifty 50 index fell by 77.95 points, closing at 23,405.60, while the BSE Sensex dropped 303.67 points to settle at 74,346.17. Despite this decline, there was a notable recovery in banking stocks, particularly among public sector banks, which outperformed their private counterparts. Vinod Nair, Head of Research at Geojit Investments Limited, highlighted that expectations of supportive policy measures aimed at attracting foreign investments helped bolster market sentiment. However, caution prevails as investors await the Reserve Bank of India's monetary policy decision and GDP data, which may provide insights into economic growth and inflation risks. Sector performance was mixed, with the Nifty IT sector being the worst performer, declining over 5% due to profit booking. Meanwhile, Brent crude oil prices rose to USD 98.87 per barrel amid geopolitical concerns, while gold prices fell by 1% to Rs 1,53,996 per 10 grams.