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Stock markets caught in war zone
Volatility continues; geo-politics to hit market
Selling Across The Board: Bear operators hammer down 97 stocks on BSE-500 index to their 52-week lows
Hyderabad: Indian stock markets witnessed a freefall on Thursday in a worst-ever session since March 2020 as bears took charge over the bourses after reports about Russia began war against Ukraine triggered panic button among retail investors, institutional investors and funds. The market mayhem on Thursday pulled down as many as 97 stocks from the BSE-500 index to their 52-week low levels as investors resorted to selling after Russia launched a military offensive against Ukraine.
The market mayhem hammered down as many as 279 stocks to their one-year lows on the BSE. The 30-share BSE gauge plunged about 2,850 points during the session before closing at 54,529.91, registering a massive fall of 2,702.15 points or 4.72 per cent. Likewise, the NSE barometer Nifty nosedived 815.30 points or 4.78 per cent to end at 16,247.95.
Domestic equity gauges Sensex and Nifty crashed over three per cent in early morning deals following massive selloffs globally after Russia announced military operation in Ukraine. The sell-off continued throughout the session.
It was sell-off across the board as sustained selling pressure pulled the BSE Midcap and Smallcap indices down by 5.53 per cent and 5.77 per cent, respectively. Sector-wise, all the BSE sectoral indices closed in the red, with realty, telecom and auto suffering the maximum loss of 7.27 per cent, 6.48 per cent and 6.05 per cent, respectively.
The advance-decline ratio was massively tilted in favour of the bears, with 231 advances and 3,161 declines. As many as 97 stocks from the BSE-500 index which hit their 52-week lows on Thursday, including BPCL, Dr Reddy's, Exide Industries, HDFC Life, Apollo Tyres, MRF, HDFC Asset Management Company Ltd and Wockhardt Ltd.
The situation in Ukraine deteriorated after President Vladimir Putin announced a military operation in Ukraine, triggering serious concerns over the possibility of a full-scale military confrontation between the two countries.
"Investors turned jittery and pressed the panic button after reports emerged that Russia has taken military action against Ukraine. As the mood was sombre across the global equity markets, traders back home also followed suit and pressed the sell button, resulting in across-the-board selling. Considering the uncertainties hovering around, the index may trade lower between the highs of 16,800 and 16,000.
The market is in corrective mode and it would complete its corrective pattern between 16200 and 16000. For the traders, 16400 and 16500 could act as intraday resistance, while 16100-16000 could be the immediate support zone," said Shrikant Chouhan, head (equity research-retail), Kotak Securities Ltd.
