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Home Economy

Russia-Ukraine crisis drags Sensex 2,000 points lower, Moscow suspends stock exchange; 10 points

by Nick Erickson
February 24, 2022
in Economy
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Russia-Ukraine crisis drags Sensex 2,000 points lower, Moscow suspends stock exchange; 10 points
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Indian benchmark indices moved into correction territory when Russian President Vladimir Putin announced military operations in eastern Ukraine on Thursday. The Nifty 50 and Sensex are now down more than 10 percent from their recent highs after the brief recovery in January. Both benchmark indices were at their lowest levels since mid-December. At 9:50 a.m., the BSE Sensex stood at 55,207.7, down 2,024.32 points or 3.54 percent. The NSE The NSE Nifty was trading at 16,490.45, down 573 points or 3.36 percent. Asian colleagues fell to 3.3 percent.

Markets Enter Correction Zone As Russia Invades Ukraine

The Indian benchmark indices entered correction territory. This came in the wake of a shrug of sanctions by Russian President Vladimir Putin, whose government earlier this week recognized the independence of two regions in eastern Ukraine, took note of “a plea to Moscow” for help in stopping the alleged Ukrainian aggression. Furthermore, the Russian president authorized a military operation, which some agencies suggested could start a war in Europe over Russia’s demands to end NATO’s expansion eastward. Putin, however, insisted that Russia has no intention of occupying Ukraine.

All Sensex components in red

All Sensex shares were in the red. The worst was Tata Steel, which fell 3.32 percent to Rs 1,102. IndusInd Bank, Bharti Airtel, ICICI Bank each refueled 3 percent. UltraTech Cement, Tech Mahindra, SBI, M&M, TCS, Infosys and HDFC all traded up 3 percent.

VIX spikes above 30

Dalal Street’s fear meter index, India VIX, peaked at 22.35 percent to 30.03. Analysts had warned that VIX reaching the 30 level could open doors to the 16,400 level on Nifty50.

Moscow Stock Exchange suspends trading

The Moscow stock exchange suspended trading on Thursday amid tensions between Ukraine and Russia. In a brief release on its website, the exchange said, “Moscow Exchange has suspended trading in all of its markets until further notice.” This comes against the background of Russian President Valdmir Putin announcing military operations in eastern Ukraine.

Global stock markets in correction mode

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“Growing concerns about the worsening crisis in Ukraine have pushed global equity markets into correction mode. Investors should wait and watch the situation before making any major commitments,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Investor Strategy

“Selling during a crisis had never been a good decision. Therefore, investors should not panic and sell. While the situation is fluid, it’s unlikely to turn into a long-term hot conflict. Investors should not panic and sell their bluechip shares. They can churn portfolios by selling weak stones and buying high-quality stocks in IT and finance,” Vijayakumar added.

Parth Nyati, founder of Tradingo, said: “Anecdotally, such geopolitical issues present a good buying opportunity for long-term investors and we are in a structural bull run that is likely to continue for years to come where mid-term corrections will be part of this journey. “We should not panic and look for buying opportunities at lower levels, where the domestic economy faces sectors such as capital goods, infrastructure, real estate and finance should be on investors’ radars.”

Read all the latest news, breaking news and live updates from the parliamentary elections here.

Tags: crisisDailyExpertNewsdragsexchangeMoscowpointsRussiaUkraineSensexstocksuspends

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