Carnage on Dalal Street

Indices slip into Bear Zone from Correction Zone

- BSE Sensex fell 2,702.15 pts (4.72 %) to 54,529.91

- NSE Nifty nosedived 815.30 pts (4.78%) to 16,247.95

- Nifty down by 13% from its high of 18,604

- Nifty lowest since May 4, 2020

- All BSE sectoral indices closed in the red

- Advance-decline ratio at 1:21 on NSE and 1:14 on BSE

- FPI outflows at $11 bn in past 6 mths

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.

"Any reaction from NATO / US armies is only going to worsen the situation further. Advice trades to remain with negative bias while investors need to keep calm and patience to tide over the current situation," cautions Siddhartha Khemka, head (retail research), Motilal Oswal Financial Services Ltd.

The F&O expiry pressure also gave investors a reason to cut their positions further amid escalating geopolitical tensions. Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,417.16 crore, as per stock exchange data.

Brent crude shoots over $105/bbl

Brent-indexed crude oil prices climbed above $105 a barrel for the first time since 2014 after Russia declared war on UkraineThe price has rocketed since mid-night after Russian troops landed for a full-scale invasion. This year, the price rose $20 due to concerns that the US and Europe will impose sanctions on Russia's energy sector, disrupting supplies.

` in freefall

At the interbank foreign exchange (forex) market, the rupee opened at 75.02 against the American dollar, but later dropped to a low of 75.75 against the greenback. The local unit finally finished at 99 paise to close at 75.60 from the previous close.

Mkt Crash hits Billionaires (Rs/cr)

Mukesh Ambani 81,000

Gautam Adani 47,000

In total, RIL lost Rs1.12 lakh crore mcap or 6.78 per cent in the last seven sessions. Adani Group suffered a huge fall of Rs66,328cr or 5.87 per cent in mcap since February 15

Investors lose Rs13.44 lakh cr

Wipes out $250-bn Russian mcap

New Delhi: Investor wealth worth over Rs13.44 lakh crore was wiped off on Thursday as the domestic equity markets tumbled along with global risk assets, after Russia launched military operations against Ukraine.

The bloodbath on Dalal Street eroded investor wealth worth Rs13,44,488.54 crore, taking the total market capitalisation (mcap) to Rs2,42,24,179.79 crore on the BSE. The mcap of BSE-listed companies stood at Rs2,55,68,668.33 crore at the end of trading on Wednesday.