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.
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.