Russia Ukraine Crisis : Market Snaps a 7-Day Losing Streak
After seven days of back-to-back falls, domestic stocks saw some recovery on Friday amid supportive global markets and buying across the sectors. At close, the Sensex was up 1,328.61 points or 2.44 per cent at 55,858.52, and the Nifty was up 410.40 points at 16,658.40. About 2567 shares have advanced, 724 shares declined, and 89 shares are unchanged.
All sectoral indices finished in the green, with the PSU Bank, power, metal, and realty indices up 4-6%. The BSE midcap and smallcap indices both increased by 4%.
“Domestic indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session,” said Vinod Nair, head of research at Geojit Financial Services. The new US sanctions did not target Russia’s oil exports or access to the Swift global payment network, so global markets took a breather. However, the market will remain volatile as new developments in the Russia-Ukraine conflict emerge.”
“Markets have been sharply volatile,” said Shrikant Chouhan, head of equity research (retail) at Kotak Securities Ltd., “and the drop in Nifty from its highs is certainly not indicative of the wealth erosion in many retail investor portfolios.” In the aftermath of Russia’s invasion of Ukraine, global equity markets saw sharp selling. In terms of the economy, the MPC minutes attributed its rate and stance stance to “the uneven domestic economic recovery and the need to complement fiscal policy.”
Following the carnage on D-street, Russian President Vladimir Putin ordered military operations against Ukraine, key benchmark indices opened on a positive note. The Sensex was up 963.28 points, or 1.77 percent, at 55493.19 at 09:16 IST, and the Nifty was up 289.80 points, or 1.78 percent, at 16537.80. Approximately 1544 shares have advanced, 611 shares have declined, and 68 shares have remained unchanged.
Coal India, Tata Motors, Tata Steel, Adani Ports, and IndusInd Bank were among the Nifty gainers, while Britannia Industries, Nestle India, and HUL were among the losers.
