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Both the indices fell for the seventh straight session, marking their worst run since March 2020
Photo Credit : PTI
The Indian equity indices on Thursday plunged sharply amid Russia's attack on Ukraine. Russian forces fired missiles at several cities in Ukraine after its President Vladimir Putin authorised a "special military operation". The benchmark BSE Sensex crashed 2,702 points or 4.72 per cent to close at 54,530; while the broader NSE Nifty moved 815 points or 4.78 per cent lower to settle at 16,248. Both the indices fell for the seventh straight session, marking their worst run since March 2020.
Crude oil prices led the way with jumps above $104 per barrel. European gas prices surged more than 30 per cent. Meanwhile, shares in Russia tanked as much as 50 per cent.
Naveen Kulkarni, Chief Investment Officer, Axis Securities said, "Geopolitical events often come up with short-term reactions in the market as the dominant news flow leads to market volatility. The current Russia-Ukraine crisis would lead to a rise in oil prices, higher than the current levels. High crude prices could delay the cool-off in inflation, which was expected to go moderate by the second half of 2022. We believe the present macroeconomic developments are leading to volatility in all major asset classes, including equity and debt. The volatility is here to stay for some time before we conclude a market direction. Investors should focus on asset allocation and use this volatility to build long-term positions in quality large and mid-cap stocks as they become attractive after the recent correction and provide a good entry point.”
Tata Motors was the top loser in the Nifty pack, falling 10.71 per cent. IndusInd Bank, UPL, Grasim Industries, JSW Steel, Adani Ports, Bharat Petroleum and Tata Consumer were other names that ended in the red.
Broader market indices ended lower, underperforming their headline peers. Nifty Smallcap fell 6.25 per cent and Nifty Midcap declined 5.74 per cent. Nifty 500, the broadest index on NSE, ended down 5.04 per cent.
"Below the crucial support of the 16800 levels, the market again tested the 16400 level, which was its previous low. Considering the uncertainties hovering around, the index may trade lower between the highs of 16800 and 16,200. The market is in corrective mode and it would complete its corrective pattern between 16200 and 16000," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
All sectoral indices on NSE ended in the red. Nifty PSU Bank tumbled 8.26 per cent, followed by a 7.17 per cent drop in Nifty Realty. Nifty Media and Nifty Auto slumped 6-7 per cent as well.