Home » News » Markets » Bloodbath on D-Street: Sensex Plummets 2,700 pts, Nifty Settles Below 16,300 Amid Russia-Ukraine Crisis
2-MIN READ

Bloodbath on D-Street: Sensex Plummets 2,700 pts, Nifty Settles Below 16,300 Amid Russia-Ukraine Crisis

By: Aparna Deb

Last Updated: February 24, 2022, 15:47 IST

Sensex was trading 342.41 points or 0.60 per cent higher at 57,643.09

Sensex was trading 342.41 points or 0.60 per cent higher at 57,643.09

The key benchmark indices are expected to started in deep red after a global sell-off in the US overnight on account of rapidly worsening Russia-Ukraine crisis.

The key benchmark indices were under extreme selling pressure in noon trades as reports quoted Ukraine saying that at least seven people had been killed by Russian shelling. On their part, Ukraine has reportedly cut ties with Russia. The 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 level to end at 16,248, down 815 points.

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. 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.

S Ranganathan, Head of Research at LKP securities, said: “With Brent crude breaching the $100 mark for the first time in 7 years post the Russian military operation in Ukraine, both the benchmark Indices wilted with a 5 per cent cut as the volatility index rose 30% today with all sectoral indices ending deeply in the red wiping out over Rs 10 lakh crores of investor wealth. A peep into the Advance-Decline ratio said it all as the carnage together with the volatility witnessed today was painful for both investors and traders.”

Moscow Stock Exchange Suspends Trading

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.” This comes on the backdrop of Russian President Valdmir Putin announced military operations in Eastern Ukraine.

Global Cues

Wall Street’s major indices ended sharply lower on Wednesday, extending their recent rout as Ukraine declared a state of emergency and the U.S. State Department said a Russian invasion of Ukraine remains potentially imminent. The Dow Jones Industrial Average fell 464.85 points, or 1.38 per cent, to 33,131.76, the S&P 500 lost 79.26 points, or 1.84 per cent, to 4,225.5 and the Nasdaq Composite dropped 344.03 points, or 2.57 per cent, to 13,037.49.

Tokyo stocks opened lower on Thursday, extending falls on Wall Street, with investors avoiding risks as tensions between Russia and Ukraine mount. The benchmark Nikkei 225 index fell 0.61 per cent or 160.42 points to 26,289.19 at the open, while the broader Topix index was down 0.53 per cent or 9.91 points to 1,871.17.
Hong Kong tumbled in the first few minutes of trade Thursday morning after separatists called for help from Moscow to repel Ukrainian forces, ramping up fears of a Russian invasion. The Hang Seng Index sank 1.66 per cent, or 392.25 points, to 23,268.03. The Shanghai Composite Index fell 0.42 per cent, or 14.78 points, to 3,474.37, while the Shenzhen Composite Index lost 0.63 per cent, or 14.64 points, to 2,322.94.

Read all the Latest News, Breaking News and Assembly Elections Live Updates here.

first published:February 24, 2022, 09:12 IST
last updated:February 24, 2022, 15:47 IST