Factors that led to the fall in the Indian markets:

•  Putin's nuclear warning:  On Tuesday, Russian President Vladimir Putin suspended a crucial nuclear arms control treaty. This development was met with criticism from US Secretary of State Antony Blinken, who described it as 'deeply unfortunate and irresponsible'.
• Fed minutes:  Global markets are on edge as investors brace themselves for release of Federal Reserve meeting minutes later on February 22. There is concern that minutes will show US policymakers remaining resolutely hawkish, which has led to a drop in market sentiment. Investors are closely monitoring the Fed's stance on interest rates and inflation as it could have significant implications for the global economy. 
• RBI minutes:  The Reserve Bank of India is set to release the minutes of its February rate-setting panel meeting later on February 22 and investors are keeping a close watch on them for cues on the trajectory of rate hikes. Additionally, investors will be paying attention to the RBI Deputy Governor Michal Patra's speech at the first G20 Finance Ministers and Central Bank Governors meeting and the second G20 Finance and Central Bank Deputies meetings for any clues on potential rate hikes.
• Adani Hindenburg dispute:  Adani group stocks was triggered by a report from US short-seller Hindenburg Research. Adani Transmission, Adani Total Gas and Adani Green all dropped by the daily limit of 5%. These 3 stocks have been the biggest decliners among the growth, since the selloff began on January 25. The group's flagship stock, Adani Enterprises also fell as much as 8.3%. This sustained selloff is causing concern among investors and is likely to have a significant impact on the Indian stock market.
•  FII selling:  Foreign investors have been selling Indian equities since the start of the year, the sales amounting to around $3.37 billion so far. In 2022, they liquidated around $17.21 billion worth of Indian equities. However, there are signs that this trend may be reversing as foreign investors started buying Indian equities last week. Nevertheless, the Indian economy still faces challenges and it remains to be seen whether the recent uptake in the foreign investment will be sustained over the long term.
•  December quarter earnings:  India Inc's profitability moderated in the third quarter of FY23, with corporate earnings coming in below analysts' expectations. The underperformance was driven by the commodity sector, while financials and autos performed relatively well. The slowdown in consumption was broad-based affecting both staples and discretionary spending and this also had a negative impact on corporate earnings.