Sensex falls over 2,700 points amid global slowdown as Russia attacks Ukraine; Loss of ₹ 13 lakh crore to investors

Author: Nishu February 24, 2022

Sensex falls over 2,700 points amid global slowdown as Russia attacks Ukraine; Loss of ₹ 13 lakh crore to investors

Brent crude oil jumped above $100 a barrel for the first time since 2014 on uneasiness about a potential supply disruption from Russia

The Sensex crashed over 2,700 points on February 24 – its biggest single-day fall in nearly two years – in lockstep with a severe sell-off in global markets after Russia launched a full-scale invasion of Ukraine, leaving Europe thrown into his greatest peril. second World War.

The 30-share BSE gauge closed nearly 2,850 points lower at 54,529.91 during the session, registering a massive decline of 2,702.15 points or 4.72%. This was its biggest drop since March 23, 2020, and the fourth worst in absolute terms.

Similarly, the NSE barometer Nifty closed 815.30 points or 4.78% lower at 16,247.95.

This was the seventh consecutive session of decline in both the major indices.

On the Sensex chart, all 30 stocks suffered heavy losses, with IndusInd Bank falling the most at 7.88%, followed by M&M, Bajaj Finance, Axis Bank, Tech Mahindra and Maruti.

With a market capitalization of companies listed on BSE at Rs 2,42,24,179.79 crore, investors were poor at around ₹13 lakh crore.

Russian troops launched widespread military strikes on Ukraine on Thursday after Moscow revoked international sanctions and warned other countries that any attempt to intervene would have “results you’ve never seen”.

Shares fell globally amid the Ukraine crisis and safe-haven assets such as gold and the Japanese yen rose, experts believe could hit the global economy.

Market benchmarks in Europe and Asia fell up to 4%.

Brent crude oil jumped above $100 a barrel for the first time since 2014, fueled by uneasiness about a potential supply disruption from Russia.

“Ukraine is under attack by Russian forces. The threat of severe sanctions on Moscow is now at its highest, causing a collapse in equity markets globally. Sentiment is driving the direction of the market, which will lead to big selloff…,” said Leonardo Pellandini, Equity Strategy, Julius Baer.

Continuing with their sell-off, foreign institutional investors offloaded shares worth Rs 3,417.16 crore in the Indian capital market on Wednesday, data from the exchange showed.

“It was a big surprise for the world market because it was not anticipating war. It was anticipating a diplomatic meeting between Biden and Putin. The Ukraine crisis intensified with Russia’s invasion of eastern Ukraine around the world. Crude oil prices crossed $100 a barrel and inflation risks increased, said Vinod Nair, Head of Research, Geojit Financial Services.

Tracking the broader trend, all 19 sectoral indices on the BSE closed in the red with realty, telecom, auto and banking diving up to 7%.

The BSE smallcap, midcap and largecap gauges fell up to 5.77 per cent.

On the forex market front, the Indian rupee fell 102 paise to close at 75.63 against the US dollar.

24 February, 2022, 9:32 pm

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Thursday, 24th February 2022

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