Sensex tanks 2,702pts, ends below 55K; Nifty gives up 16,250; Brent at $105
Closing Bell: Benchmark indices clocked their biggest one-day fall since March 2020 as Russia invaded Ukraine, rattling global markets
 "MARKETS: Selling intensifies; Sensex plunges 2,700 pts, Nifty below 16,300")
CLOSING BELL
Russia's invasion of Ukraine launched a full-fledged attack on Indian equities on Thursday, with benchmarks dropping as much as 5 per cent. Commodities markets, meanwhile, surged with Brent oil extending gains above $100 a barrel (at $105 now) for the first time since 2014, while gold jumped as investors scrambled for havens. The monthly F&O expiry also added to deeper cuts during the fag-end of the session.
Russia's invasion of Ukraine launched a full-fledged attack on Indian equities on Thursday, with benchmarks dropping as much as 5 per cent. Commodities markets, meanwhile, surged with Brent oil extending gains above $100 a barrel (at $105 now) for the first time since 2014, while gold jumped as investors scrambled for havens. The monthly F&O expiry also added to deeper cuts during the fag-end of the session.
Earlier today, Russian forces attacked targets across Ukraine after President Vladimir Putin ordered an operation to "demilitarize" the country, prompting international condemnation and a US threat of further "severe sanctions" on Moscow, sending markets tumbling worldwide. As things stands, US, EU, and UK are set to announce stricter sanctions against Russia and Ukraine has cut ties with the invader. READ MORE
Back home, the frontline S&P BSE Sensex settled near the day's low level at 54,530, down 2,702 points. On the NSE, the Nifty50 gave up 16,250 leve to end at 16,248, down 815 points.
With this, the benchmarks are moving from 'correction zone' to 'bear zone' as they have plunged nearly 16 per cent from their January peaks. This was also their biggest one-day fall since March 2020, when the Covid-19 pandemic had roiled the markets.
With this, the benchmarks are moving from 'correction zone' to 'bear zone' as they have plunged nearly 16 per cent from their January peaks. This was also their biggest one-day fall since March 2020, when the Covid-19 pandemic had roiled the markets.
All 50 counters on the broader NSe index ended deep in the red with Tata Motors, IndusInd Bank, UPL, Grasim, Adani Ports, Hero Moto, JSW Steel, M&M, and HDFC Life plummeting between 6 and 11 per cent.
In the broader markets, the BSE MidCap and the BSE SmallCap indices slumped 5.5 per cent and 5.7 per cent, respectively.
Individually, Bank of India, Apollo Tyres, BHEL, Vodafone Idea, IDFC First Bank, L&T Housing Finance, LIC Housing Finance, HEG, Rain Industries, NBCC, HFCL, and Alok Industries plunged up to 14 per cent.
Paint, aviation, tyre, and OMCs, which are heavily dependent on crude derivatives as their raw material, plummeted up to 10 per cent.
Paint, aviation, tyre, and OMCs, which are heavily dependent on crude derivatives as their raw material, plummeted up to 10 per cent.
Overall, advance to decline ratio was 1:21 on the NSE and 1:14 on the BSE. Fear gauge, India VIX, jumped to a 20-month high of 32, up 33 per cent.
Sectorally, the Nifty PSU Bank tumbled over 8 per cent, Realty index 7.5 per cent, Private Bank 6 per cent, and Metal and IT indices 5 per cent. The Nifty Bank index, meanwhile, slipped over 2,100 points or 6 per cent to end at 35,200 level.
Global markets
European stocks plunged 3 per cent on Thursday as investors dumped riskier assets after Russia attacked Ukraine. The pan-European STOXX 600 index fell 2.9 per cent - hitting its lowest since May 2021 while marking a correction or 10 per cent decline from its January record high.
The German DAX fell 3.7 per cent to March 2021 lows, bearing the biggest brunt of the sell-off on fears over the country's heavy reliance on energy supplies from Russia. READ MORE
In US, Dow futures fell 655 points, or 1.98 per cent, while futures tied to the S&P 500 were down 1.99 per cent. Nasdaq 100 futures declined 2.65 per cent.
4:26 PM
Views by Ravi Singhal, Vice-Chairman, GCL Securities
Expert view | Long-term investors need not panic: GCL Securities
>> If the US sends military support to Ukraine, it could be very negative for the market, but there is a less possibility of that.
>> Market may continue to show volatility for the next few days, but long term investors should not worry much about it.
>>Investors should wait and watch here, it is not time for new investment but one should hold their portfolio and not sell in panic.
>> Market may continue to show volatility for the next few days, but long term investors should not worry much about it.
>>Investors should wait and watch here, it is not time for new investment but one should hold their portfolio and not sell in panic.
Views by Ravi Singhal, Vice-Chairman, GCL Securities
4:22 PM
Views by Rupak De, Senior Technical Analyst at LKP Securities
Nifty technical view by LKP Securities: Medium-term trend for Nifty turns negative
<< Nifty finally fell below the 200 DMA which is considered as an inflection point for the medium term; therefore, the trend has turned negative for the medium term.
<< On the other hand, Nifty formed a bullish ABCD pattern around 16240 on the daily chart which may induce a pullback over the near term.
<< The pattern may work as long as Nifty sustains above 16200. On the higher end resistance is placed at 16400/16720, whereas supports are placed at 16200/15900
<< On the other hand, Nifty formed a bullish ABCD pattern around 16240 on the daily chart which may induce a pullback over the near term.
<< The pattern may work as long as Nifty sustains above 16200. On the higher end resistance is placed at 16400/16720, whereas supports are placed at 16200/15900
Views by Rupak De, Senior Technical Analyst at LKP Securities
4:18 PM
Thursday market mayhem erodes Rs 13.58 trillion worth of investor wealth
4:15 PM
SAIL, Yes Bank, PNB Bank, Tata Power among top losers from Nifty 500 pack
4:13 PM
Dr Reddy's hits 52-week low on high revenue exposure to Russia
4:09 PM
Indus Tower slips 18% after 3% equity changes hands on NSE and BSE
Shares of Indus Tower slipped after nearly 3 per cent of the total equity of the company changed hands on the bourses. British telecom giant Vodafone Plc (owner of Vi) was in discussions to sell around five per cent stake the company to Bharti Airtel, according to reports. Vodafone Idea too tanked 10% today.
4:04 PM
BSE IPO index crashes 6%: Car Trade, Nuvoco, Latent View slip up to 12%
4:01 PM
Kalyan Jewellers, Ujjivan Small Finance Bank hit record lows
3:58 PM
Amara Raja, BPCL, Cadila Health, Apollo Tyres, Ceat among BSE 500 stocks to hit 52-week lows
3:55 PM
Fear gauge India VIX ends 30% up to nearly 32 levels, also hits 52-week high of 33.9
3:52 PM
Total 1,050 stocks hit lower circuit on BSE vs less than 100 in upper circuit
3:50 PM
Broader markets worst hit: BSE SmallCap index sheds nearly 6%
3:46 PM
Sectoral trend | Nifty PSB cracks 8%, Realty, Bank, Auto indices slip 6-7%
3:41 PM
Sensex heatmap: Heavyweights RIL, Infosys, HDFC Bank & ICICI Bank fall 4-6%
3:39 PM
Frontline stocks slip up to 10% on Nifty50: Tata Motors, IndusInd Bank, UPL top losers
Topics : Sensex MARKET LIVE MARKET WRAP Markets Nifty BSE NSE SGX Nifty Russia Ukraine Conflict global sell-off F&O Vodafone Indus Towers Vodafone Idea Bharti Airtel Sanofi India
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First Published: Feb 24 2022 | 8:05 AM IST
