Sensex tanks over 2,700 pts, Nifty below 16,250-mark as Russia invades Ukraine; Ambani, Adani take a hit
By Team Newsable | First Published Feb 24, 2022, 4:42 PM ISTOn Thursday, the market reacted to the Russian announcement of “special military operations” in Ukraine. Nifty and Sensex sank over 4 per cent. All sectoral indices were trading with cuts so were all but one Nifty stock.
Fortunes of Mukesh Ambani and Gautam Adani stocks have also taken a hit as Russia and Ukraine have engaged in a war with the possibility of embroiling other Western nations.
The topline equity indices on BSE and National Stock Exchange (NSE) fell for the seventh straight session, crashing over 4.7 per cent lower on Thursday tracking a fall in their global peers which fell after Russia announced military operations in eastern Ukraine.
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The S&P BSE Sensex crashed 2,702.15 points (4.72 per cent) to settle at 54,529.91 while the Nifty 50 tumbled 815.30 points (4.78 per cent) to end at 16,247.95. Both the indices had opened around 3 per cent lower and traded in the red throughout the session. It mostly traded in a range of 3-3.2 per cent cuts however towards the last hour of the session, indices fell further to their day’s low. In the intraday trade, the BSE benchmark fell to a low of 54,383.20 while the NSE barometer touched 16,203.25.
For the Mukesh Ambani-owned Reliance Group stocks, the loss was steeper. They staved off Rs 83,819.13 crore or 5.1 per cent from their market capitalisation in the last seven sessions. Most of the losses came from Rs 81,468.61 crore drop in Reliance Industries, a report on Economic Times stated.
Overall, Adani Group stocks, which have been performing well during the year despite market consolidation, have now lost 4.2 per cent or Rs 47,307 crore off their market capitalisation since February 15. Adani Total Gas suffered the biggest loss, losing nearly Rs 20,000 crore of their valuations. Adani Enterprises followed with Rs 17,000 crore loss and Adani Ports with Rs 10,300 crore, the report added.
All sectoral indices on NSE ended with sharp cuts. All constituents of Sensex ended in the red. IndusInd Bank, Mahindra & Mahindra, Bajaj Finance, Axis Bank, Tech Mahindra, Maruti Suzuki India, Tata Steel, Bajaj Finserv and HDFC Bank were the biggest losers on Thursday falling in a range of 5.48-7.88 per cent. The volatility index or India VIX on NSE surged 30.31 per cent to 31.9825.
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