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Sensex, Nifty crash; investors lose over ₹8 lakh cr in early trade. Factors dragging stock market today. Opens in red today.
Rupee falls sharply vs US dollar, slides past 75
Gold rate today surge ₹800 per 10 gram, silver rates jump.
Investors beware before taking long positions.
Indian benchmark indices BSE Sensex and NSE Nifty tanked nearly 3% today as Russia-Ukraine crisis worsened
Indian benchmark equities crashed in early deals on Thursday as Russia’s attack on Ukraine pushed stock markets deep into the red, with investors’ wealth tumbling by more than ₹8 lakh crore in less than an hour. Both BSE Sensex and NSE Nifty 50 tanked nearly 3% today as Russia-Ukraine crisis worsened. Meanwhile, India Vix (volatility index) jumped over 25%.
The market capitalisation of BSE-listed companies crashed to ₹2,47,46,960.48 crore at around 10.15 am, as compared to ₹2,55,68,668.3 crore at Wednesday’s close.
“Inflation and rising interest rates are the major concerns for equity markets and geopolitical tension is increasing the risk of inflation as energy prices are rising. Anecdotally, such kinds of geopolitical issues provide a good buying opportunity for the long-term investors and we are in a structural bull run that is likely to continue for the next couple of years where intermediate corrections will be part of this journey. Long-term investors should not panic and look for buying opportunities from lower levels where the domestic economy facing sectors like capital goods, infrastructure, real estate, financials should be on investors’ radar,” said an analyst.
Technically, Nifty has slipped below its 200-DMA which may lead to further weakness towards the 16000 level while 16400 is an intermediate support level. We can expect a bounceback from the 16000 level but confidence will be back only if Nifty manages to cross the 17200 level, Nyati added.
Russian President Vladimir Putin’s announcement of starting a military operation in Ukraine sent global markets plunging into deep red. Putin on Thursday announced a military operation in Ukraine and warned other countries that any attempt to interfere with the Russian action would lead to consequences they have never seen.
“The growing concern surrounding the deteriorating Ukraine crisis has pushed global stock markets into correction mode. The near 20% decline from the peak in NASDAQ is a clear indication of the correction that has set in. Also, the safe haven gold shooting to $1913 is a reflection of the risks arising from the crisis. Investors should wait and watch the unfolding situation before taking any major commitments. Buying should be confined to stocks/ segments which are fairly valued or have good earnings visibility,” Says a Brokerage. IT, though highly valued, is a sector whose prospects are steadily improving. There are instances of promoters buying stocks of IT companies. This is an indication of better-than-expected results from the sector. Investors can use sharp market corrections to slowly accumulate high quality stocks in IT, he added.
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