D-St Bloodbath after Russia invades Ukraine; Sensex tanks over 2,700 pts; Nifty below 17,300; All Nifty 50 stocks in red

24 Feb 2022 , 04:29 PM

Domestic indices on Thursday largely corrected in line with global markets based on the geopolitical issues in Russia and Ukraine with the Nifty 50 Nifty declined by 5%. The S&P BSE Sensex crashed 2,702.15 points or 4.72 per cent to settle at 54,529.91 while the Nifty 50 tumbled 815.30 points or 4.78 per cent to end at 16,247.95.

The Nifty 50 and Sensex have now fallen more than 10 per cent from their recent highs after the brief recovery seen in January. Both the benchmark indices were at their lowest levels since mid-December.

Broader markets underperformed in comparison to the main indices with Nifty Midcap and Nifty Smallcap decreasing by 5.7% and 6.2% respectively. All sectoral indices ended in red with the Nifty PSU Bank decreasing the most by 8.5% followed by Nifty Realty (-7.7%) and Nifty Media (-6.8%).

Meanwhile, India Vix (Volatility Index) jumped over 30%.

As Russia’s attack on Ukraine pushed stock markets deep into the red, investors’ wealth lost a roaring Rs13.57 lakh crore as BSE-market cap, which reflects their wealth, came down to Rs 242.11 lakh crore.

Here are the top factors behind the fall in Sensex and Nifty today

Russia-Ukraine war

Russian President Vladimir Putin declared a full-fledged war against Ukraine. Russian President said the clashes between Russian and Ukrainian forces are “inevitable”. Putin even called on Ukrainian service members to “lay down their arms and go home”. Ukrainian military command centres in Kyiv and Kharkiv have been attacked by missile strikes, as per media reports.

All Nifty components in red

The indices extended the selling in the final hour of the trading session as all the Nifty 50 stocks are in red today. Huge selling spree sees in Tata Motors which tanked over 10.7%, followed by IndusInd Bank, UPL tanked over 8% each, Graim and JSW Steel slumped over 7% each.
Whereas on Sensex, IndusInd Bank, Mahindra & Mahindra, Bajaj Finance, Axis Bank, Tech Mahindra, Maruti Suzuki India, Tata Steel, Bajaj Finserv and HDFC Bank were the biggest losers on Thursday falling in a range of 5.48-7.8%.

Global crude oil prices top $100 per barrel

Today, global crude oil prices topped $100 per barrel for the first time since 2014 due to the Russia-Ukraine crisis. Brent crude above $100 per barrel for the first time since 2014.
The stock market traders fear Russia could face sanctions that could hurt its ability to export oil, which could further hit supply.

Expiry of F&O Series

The crisis in Ukraine is unfolding at the worst possible time for traders given that the February derivatives series will expire later today.

Global markets tumble

European markets fell sharply with the continental Stoxx 600 index sliding more than 3% to its lowest point of the year. Germany’s DAX shed 3.6% to lead regional losses. While Asian markets also fell with the Dow Jones Industrial Average futures indicating a loss of more than 600 points at the open on Wall Street later in the day.

The Moscow Exchange suspended trading on all of its markets early on Thursday morning as Russian stocks nosedived.

Rupee plummets against US dollar

The Indian rupee declined to 75.65 against the US dollar amid a weak risk appetite after Russian President Vladimir Putin announced a military operation in Ukraine. Besides, sustained foreign fund outflows, a lacklustre trend in domestic equities and elevated crude oil prices weighed.