Sensex and Nifty extended their losing streak to the sixth consecutive session as the Russia-Ukraine crisis continued to dent investor sentiment.
Good afternoon!
Here’s a look at the latest updates of the market today!
3:37 pm: Market close
Sensex closes 2,702 points lower at 54,529 and Nifty loses 815 points to 16,247.
3:04 pm: Market check
Sensex falls 2,747 points to 54,484 and Nifty crashes 810 points to 16,252
1:50 pm: How to approach today’s market crash
Vijay Chandok, MD & CEO, ICICI Securities said, “While the escalated war situation between Russia/Ukraine has led to sharp cut in key equities across the globe, we believe crude trajectory will the key to watch out for going ahead.
We don’t expect major sanctions which may drive big spike in crude, equally harming Europe and US, or even in terms of aggressive rate hike leading to slower economic growth. We, thus, believe that market stabilisation is likely in the short term. Nonetheless, medium-to-long term thesis on Indian equities remain intact amid economic recovery as reflected by key macroeconomic indicators, strong capex spends and robust corporate earnings (Nifty earnings growth likely at 21.5 % CAGR over FY21-24).
We continue to see this correction as an opportunity for the investors to add on the companies with sustainable growth visibility.”
2: 39 pm: Sensex falls 2,230 points to 55,001 and Nifty crashes 693 points to 16,371.
2: 05 pm: Expert quote on market crash
Ankur Saraswat Research Analyst at Trustline Securities said, “Today Putin announced the military operation in Ukraine and warned other countries not to interfere. Taking clues from the imminent full-scale war, Sensex, Bank Nifty and Nifty crashed ~3%-4% in the morning trade and virtually, all shares plunged by 2%-7%. US futures and European futures are trading down by 2%-2.5%. Brent crude jumped above $100 per barrel for the first time in 8 years. So, it is recommended to investors to just watch the ongoing war and let the war dust settle down, and wait for more clarity going ahead.”
1:37 pm: Market check
Sensex plunged 2,069 points to 55,162 and Nifty lost 634 points to 16,428 in afternoon session.
1:25 pm: Oil and gas stocks slip after brent crude races past $100 a barrel
Oil and gas stocks were roiled today after rates for brent crude oil went past $100 for the first time in over seven years. The spike in brent rates came amid possibility of stricter sanctions on oil producer Russia after it attacked Ukraine on Thursday.
BSE oil and gas index plunged 695 points to 16,781 in afternoon session against the previous close of 17,476. Major index component Reliance Industries fell 4.07% intra day to Rs 2,277.2 against the previous close of Rs 2,373 on BSE.
12: 46 pm: Market check
Sensex falls 1831 points to 55,400 and Nifty slips 560 points to 16, 502
12:35 pm: Moscow Exchange suspends trading on all markets
Moscow Stock Exchange on Thursday suspended trading amid Ukraine-Russia tensions.
In a short release on its website, the exchange said: “Moscow Exchange has suspended trading on all of its markets until further notice.”
12: 31 pm: Market check
Sensex slips 3% or 1,719 points to 55,512 and Nifty loses 520 points to 16,543.
12:29 pm: Investor wealth erodes by Rs 8.84 lakh crore
Market cap of BSE-listed firms fell by Rs 8.84 lakh crore after investor wealth declined to Rs 246.84 lakh crore against Rs 255.68 lakh crore in the previous session.
12:21 pm: Indus Towers stock slips 15% on Vodafone’s plan to sell 2.4% stake
Shares of Indus Towers slipped 15% today as British telecom major Vodafone was looking to sell its 2.4% stake in the telecom tower firm. Additionally, Vodafone was also in talks with one of the largest shareholders of Indus Towers to sell 4.7% stake in the tower firm.
Indus Towers stock opened with a loss of 8.04% at Rs 231 today against the previous close of Rs 251.20 on BSE.
The large cap stock touched an intraday low of Rs 213.55, slipping 14.99% on BSE. Indus Towers stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
12:05 pm: Sensex tumbles over 1600 pts
Equity benchmark Sensex tumbled over 1600 points to 55,550 and Nifty plunged over 500 points to 16,563.
All the sectors are trading in the red.
11:30 am: Invest in good quality management
“The geopolitical event has been causing a rout across equity markets, as the world can ill-afford further disruption in trade and commodities when Covid has already weakened sovereign balance sheets,” said Amar Ambani, Head – Institutional Equities, YES Securities.
“We had opined a few days ago that post the meteoric rise to 18,000 on the Nifty from lows of 7,500, it seemed like the Nifty could correct to 15,800 level. We were already witnessing the consolidation since mid-October 2021 due to lack of fresh triggers. The Russia-Ukraine issue added a negative trigger to the existing overhang of the US Fed likely raising rates in March 2022,” he added.
“However, we reiterate our bullish stance on Indian equities for the next three years. History has shown us that these wars offer good entry points for investors. Be it the wars of Vietnam, the Gulf, Afghanistan, Iraq or the Crimean crisis, markets have fallen on war fear, then rallied when the actual battle broke out and further continued its upward journey post the war. The next 7-odd trading sessions will offer tremendous opportunities for the long-term investor. Invest in good quality management in sunrise sectors,” he said.
11:10 am: Nifty may touch 15,500
“Nifty may touch the level of 15,500 in this scenario. It is advisable that all investors should follow the wait and watch strategy and avoid any fresh entry at the current juncture. Long-term investors having an investment horizon of 3-5 years will get a good opportunity to avert their portfolio, once the global situation stabilizes,” said Dr. Ravi Singh, Vice President and Head of Research, ShareIndia.
11:00 am: LIC IPO should be a positive event for the FPI inflows.
Divam Sharma, Founder, Green Portfolio said, “We have multiple events lined up with the Ukraine Russia geopolitical developments being the biggest factor impacting the markets in the short term currently. We will have to see how nations like the USA, UK, Germany react to these developments.”
He added that the news of inflation and interest rate hikes is currently side-lined, will play a bigger role in the market as we expect more inflation in commodities going forward and the rate hikes will increasingly become inevitable.
“We expect that the upcoming election results should not throw many negative surprises. LIC IPO should be a positive event for the FPI inflows. We have seen most of the correction considering current developments, however, a further 10% correction cannot be ruled out if the geopolitical tensions escalate or oil prices rise sharply from here,” he said.
10:30 am: Top five Sensex losers in early trade today
IndusInd Bank: The lender was the top Sensex loser, with the stock falling up to 4.85% to Rs 904.60. The stock opened at Rs 915 against the previous close of Rs 950 on BSE.
Tech Mahindra: The IT stock fell 4.92% to Rs 1344 on BSE. The large cap stock opened lower at Rs 1371 against the previous close of Rs 1414.
Bharti Airtel: The stock fell 4.39% to Rs 673.73 against the previous close of Rs 704.25. The telecom stock opened at Rs 689 on BSE.
Maruti Suzuki: The stock fell 3.87% to Rs 8,364 against the previous close of Rs 8701 on BSE. The auto stock opened lower at Rs 8500 on BSE.
Wipro: The large cap stock fell 3.89% to a low of Rs 545.35 against the previous close of Rs 567.40 on BSE. The stock opened lower at Rs 544.45 today.
10:00 am: Market outlook by Mr. Parth Nyati, Founder, Tradingo
We are seeing the first meaningful correction in the market after a strong performance in 2021. A correction was due where geopolitical tension has become an excuse for this correction. 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.
Technically, Nifty has slipped below its 200-DMA which may lead to further weakness towards the 16,000 level while 16,400 is an intermediate support level. We can expect a bounceback from the 16,000 level but confidence will back only if Nifty manages to cross the 17,200 level. If Nifty breaks the 16,000 level then the worst-case scenario could be 14,000 but still we will remain in a long-term bull market.
Banknifty has also slipped below its 200-DMA where 35,500 is the next important support level while 34,000 is the next major support. On the upside, it has to cross the 37,500 level to gain any strength.
9:40 am: Rs 7.59 lakh cr investor wealth wiped out
Investors lost over Rs 7.5 lakh crore within minutes of market opening on Thursday as Russian President Vladimir Putin announced a ‘military operation’ in Ukraine.
The market cap of BSE-listed firms fell by Rs 7.59 lakh crore after investor wealth declined to Rs 248.09 lakh crore against Rs 255.68 lakh crore in the previous session.
Volatility rose in the Indian equity market, with India VIX climbing 22.39% to 30.16 in early trade.
9:20 am: International oil prices hit $100-mark as Russia announces war on Ukraine
The global benchmark Brent crude oil price on Thursday hit the $100 per barrel mark as Russian President Vladimir Putin declared a “military operation” in Ukraine.
9:16 am: Sensex crashes over 1300 pts, Nifty below 16,600 as Russia-Ukraine tensions escalate
Equity benchmark Sensex crashed over 1300 points to 55,904 and Nifty also plunged over 500 points to 16,548 amid rising Russia-Ukraine tensions
All the stocks on Sensex were trading in the red.
8:45 am: Global updates
Wall Street’s major indices ended sharply lower on Wednesday, extending their recent rout as Ukraine declared a state of emergency and the US State Department said a Russian invasion of Ukraine remains potentially imminent.
The Dow Jones Industrial Average fell 464.85 points, or 1.38 percent, to 33,131.76, the S&P 500 lost 79.26 points, or 1.84 percent, to 4,225.5 and the Nasdaq Composite dropped 344.03 points, or 2.57 percent, to 13,037.49.
Asian markets were trading in the red on Thursday as global equities dipped amid rising Russia-Ukraine tensions. Japan’s benchmark Nikkei 225 shed 192 points to 26,255. Australia’s S&P/ASX 200 sank 181 points to 7,025.
South Korea’s Kospi lost 37 points to 2,681. Hong Kong’s Hang Seng declined 390 points to 23,270, while the Shanghai Composite was flat at 3,480.
8:40 am: Putin announces military action in Ukraine
Russian President Vladimir Putin on Thursday announced ‘military action’ in Ukraine. He said that Russia has decided to launch a special military action in Ukraine. Putin said that clashes between Russian and Ukrainian forces are “inevitable” and asked Ukrainian service members to ‘lay down their arms and go home. “To anyone who would consider interfering from the outside: if you do, you will face consequences greater than any you have faced in history. All relevant decisions have been taken. I hope you hear me,” he said.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 3,417.16 crore on February 23, and domestic institutional investors (DIIs) bought shares worth Rs 3,024.37 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open on a negative note as SGX Nifty was down 178 points to 16,722.50.
The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Wednesday
Sensex and Nifty extended their losing streak to the sixth consecutive session as the Russia-Ukraine crisis continued to dent investor sentiment.
Sensex closed 68.62 points lower at 57,232 and Nifty fell 28.95 points to 17,063.25.
For the majority of the session, Sensex and Nifty traded in the green territory tracking mostly higher Asian peers. Investors expected that Western sanctions on Russia after Moscow’s troop movements near Ukraine border might soften Vladimir Putin’s defiant tone and leave some room to avoid war.
On Sensex, NTPC, L&T and Nestle India were the top losers falling up to 1.55 per cent.
Top Sensex gainers were Kotak Bank, Titan and IndusInd Bank, rising up to 2.49 per cent.
Of the 30 Sensex stocks, 15 closed in the red.
Reference Link:- https://www.businesstoday.in/markets/top-story/story/share-market-updates-sensex-ends-2700-pts-lower-nifty-falls-below-16250-after-russia-attacks-ukraine-323710-2022-02-24