D-St Bloodbath: Sensex Crashes, India VIX Hits Peak, Investors Lose Rs 10 Lakh Cr

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D-St Bloodbath: Sensex Crashes, India VIX Hits Peak, Investors Lose Rs 10 Lakh Cr

By Malvika Gurung

Investing.com -- Indian shares have fallen sharply on Thursday, following Russian orders of military operations in Ukraine and reports of explosions heard in Kyiv, surging oil prices and steep sell-offs in the US market overnight, correcting Wall Street indices, with the technology-heavy Nasdaq Composite correcting 19% from its record high close on Nov 19.

As a result, Indian benchmark equity indices Nifty 50 and Sensex tanked 2.9% each, at 11 am on Thursday, as oil prices exceeded the $100 barrel-mark for the first time since 2014.

With aggravating geopolitical tensions, Dalal Street's fear barometer, India VIX surged 25.8% to 30.9, zooming over 38% to the 34-level, hitting its highest level recorded since June 2020, in almost 2 years.

Investors on Dalal Street lost a roaring Rs 10 lakh crore in today’s session, as BSE market capitalisation tumbled to Rs 246 lakh crore, and 9 out of every 10 stocks in the domestic market were trading in red on Thursday.

Broader market indices underperformed their headline peers, with Nifty Smallcap plummeting 3.65% and Nifty Midcap plunging 3.52% at the time of writing.

The ongoing aggravated turf between Russia and Ukraine is escalating commodity prices, which if stay elevated for a few more months, will indicate RBI to quit its accommodative monetary stance. Indian 10-year bond yield has risen to 6.76% due to high Brent prices, states Phillip Capital.

All the sectoral indices on the Nifty basket were trading in red, led by Nifty Realty , down over 4%. Nifty Bank was slumping 3.15%. Dow Jones Futures tanked 2.23% at the time of writing.

Barring Hindalco (NS: HALC ) and ONGC (NS: ONGC ), all the stocks on Nifty50 were trading lower, while all 30 stocks listed on BSE Sensex were trading deep in red.

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