Key benchmark indices closed in deep-red territory amid geopolitical uncertainties and skyrocketing crude oil prices. Sensex ended 1,402.74 points or 2.58 per cent lower at 52931.07, and the Nifty shed 366.10 points or 2.25 per cent at 15879.30. About 837 shares have advanced, 2543 shares declined, and 129 shares are unchanged.
Both the indices are now down 15 per cent from their record high peaks touched in October last year.
Apart from the four gainers on the Sensex, ONGC, Hindalco, Coal India, UPL, Cipla, ITC, NTPC, and JSW Steel were the additional gainers on the Nifty. Together these stocks were up in the range of 0.7 per cent to 13 per cent.
On the downside, IndusInd Bank, Maruti Suzuki, Bajaj Finance, Axis Bank, Britannia, Bajaj Finserv, Tata Motors, Ultratech Cement, ICICI Bank, SBI, Hero Moto, HDFC, L&T, HUL, RIL, and HDFC Life tumbled between 3.5 and 8 per cent.
Broader markets, too, fell in tandem with the benchmarks with the BSE MidCap and SmallCap indices closing 2.2 per cent lower each. Individually, JK Cement, Arvind Fashions, Brigade Enterprises, Indigo Paints, and IndiaMART InterMESH fell up to 11 per cent.
Sectorally, indices of rate-sensitive sectors such as Auto, Realty, Bank, Financial Services fell between 4 and 5.5 per cent. The Nifty Metal index was the only gainer in this manic market as it rose 2.5 per cent.
Pankaj Pandey, Head – Research, ICICIdirect, said: “The global, as well as Indian equities, continue to witness correction amid the ongoing Russia Ukraine conflict and concerns over economic costs of war and subsequent sanctions on global economies with key concern right now being sharp rise in crude prices.”
“During the afternoon session markets succumbed to selling pressure and were currently nursing losses of over two percent each. Also, foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth as much as Rs 17,537 crore from the Indian markets in just three trading sessions of March, ” Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers
Crude Oil Prices Soar
Brent crude futures hit their highest level since 2008, hitting the $130 per barrel-mark intra-day. “Brent crude oil prices have surged above US$ 125/barrel amid media reports that nuclear deal discussions with Iran were delayed and possibility of further sanctions on Russia by western countries. If crude prices sustain at higher levels, it is likely to impact India’s current account deficit as well as fiscal deficit as India imports more than 80 per cent of its total requirement,” Pandey said.
Global Cues
Tokyo’s key Nikkei index dropped three percent in morning trade Monday on concern over the war in Ukraine and as crude oil prices neared an all-time high. The benchmark Nikkei 225 index tumbled 3.03 per cent or 787.97 points to 25,197.50, while the broader Topix index fell 2.91 per cent or 53.69 points to 1,791.25. The Hang Seng Index dived 3.59 percent, or 787.13 points, to 21,118.16. The losses mirrored hefty selling across Asian markets, with no let-up in Russia’s invasion of its neighbour, which has sent the price of commodities soaring to record or multi-year highs.
Wall Street stocks fell Friday as an increasingly grim picture of the Russia invasion of Ukraine took attention away from good US employment data. All three major indices finished the week with losses, with the broad-based S&P 500 ending at 4,328.87, down 0.8 per cent for the day and 1.3 per cent for the week. The Dow Jones Industrial Average lost 0.5 per cent Friday to finish at 33,614.80, while the tech-rich Nasdaq Composite Index dropped 1.7 per cent to 13,313.44.
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