Torrid Tuesday: D-St Slumps for 5th Day Amid Ukraine Crisis & Boiling Oil Prices

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Torrid Tuesday: D-St Slumps for 5th Day Amid Ukraine Crisis & Boiling Oil Prices

By Malvika Gurung -- Indian equity benchmark indices ended a torrid session in lower on Tuesday, falling for the fifth consecutive day, though the market appeared to pare some losses towards the end of session-end.

Domestic indices Nifty 50 and Sensex ended 0.67% and 0.665 lower, respectively, led by mounting geopolitical tensions between Ukraine and Russia and boiling crude oil prices.

Besides, macro factors like escalating geopolitical tensions, crude oil nearing the $100/barrel mark, FII sellings, Fed’s aggressive rate hike with March meeting around the corner, monthly F&O expiry week, and the ongoing state elections, are hurting the market and will continue to induce volatility in the near term.

Tuesday’s market crash was led by sellings witnessed across IT, financial and oil & gas stocks. On Monday, Russian President Putin recognized two breakaway regions of eastern Ukraine and ordered troops into the regions, giving the impression of an upcoming Russian invasion of Ukraine to the West.

Fear barometer India VIX hit its 11-month high on Tuesday, surging over 21% amid aggravating Russia-Ukraine tensions.

Broader market indices underperformed their headline peers, with Nifty Midcap declining over 1% and Nifty Smallcap slumping 2.05%.

All sectoral indices in the Nifty basket ended the session in red, with Nifty Media tanking the most by 3.3%, while all other indices recovered at least about 1%, except Nifty Realty, down 2.9%. Nifty Bank ended 0.83% lower.

Stocks on the Nifty50 index staged major rebounds, with about 17 scrips ending in green, led by M&M (NS: MAHM ), Bajaj Finserv (NS: BJFS ), Hero MotoCorp (NS: HROM ), and Eicher Motors (NS: EICH ), ending above 1%, while Tata Steel (NS: TISC ), Bharat Petroleum (NS: BPCL ), Tata Consultancy Services (NS: TCS ), and SBI (NS: SBI ) Life Insurance Company (NS: SBIL ) slumped the most.

On the 30-scrip Sensex, 11 stocks ended in green.

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