Ukraine-Russia tensions send indices in tailspin; Sensex cracks 1,747 pts

The NSE Nifty50, on the other hand, breached below the 16,850-mark to end 532 points, or 3.06 per cent, lower at 16,843. This was the indices biggest intra-day fall since November 26, 2021

CLOSING BELL

Indian stock market witnessed its worst one-day sell-off of calendar year 2022 on Monday as simmering tensions between Ukraine and Russia crushed equities. Commodity market, meanwhile, jumped today with crude oil, gold, and silver futures rallying up to 2 per cent. 

The benchmark S&P BSE Sensex tanked 1,857 points intra-day, before settling at 56,406, down 1,747 points or 3 per cent. The NSE Nifty50, on the other hand, breached below the 16,850-mark to end 532 points, or 3.06 per cent, lower at 16,843. The index hit an intra-day low of 16,810. This was the indices biggest intra-day fall since November 26, 2021.

In the broader markets, the BSE MidCap and SmallCap indices cracked 3.5 per cent and 4 per cent, respectively.

Sectorally, all the indices ended in the red with the Nifty PSU Bank index nosediving 5.9 per cent; Realty index 5 per cent; Private Bank, Financial Services, Bank, and Auto upwards of 4 per cent each; and Pharma and IT indices over 2 per cent. 

Sellers flocked the markets today, selling almost anything and everything. Market breadth showed there were 19 declining stocks for every single advancing stock on the BSE. On the NSE, the advance-decline ratio stood at 1:13. Fear gauge, India VIX, reflected this risk-off sentiment as it surged 23 per cent. 

What's worrying the Street?

Global markets have been jittery after US National Security Advisor Jake Sullivan said over the weekend that there were signs of Russian escalation at the Ukraine border and that it was possible that an invasion could take place during the Olympics, despite speculation to the contrary.

A phone call over the weekend between US President Joe Biden and Russian President Vladimir Putin, in which Biden attempted to dissuade Putin from attacking Ukraine, failed to achieve a breakthrough. 

The geopolitical breakdown between the two nations also had a bearing on oil prices, which are now above $95 per barrel-mark. READ MORE HERE

Market movers
Barring TCS, which rose 1 per cent on the Sensex, all other index constituents closed in the negative territory. Tata Steel, HDFC, SBI, and ICICI Bank sunk between 4.7 per cent and 5.5 per cent, while IndusInd Bank, Kotak Bank, Maruti, L&T, NTPC, Axis Bank, Bharti Airtel, Wipro, ITC, and HDFC Bank dropped in the range of 3 to 4.5 per cent.

On the Nifty, JSW Steel, HDFC Life, Tata Motors, Shree Cement, and UPL were the other top laggards, down up to 6.5 per cent.

Meanwhile, in the broader market, Adani Power, LIC Housing Finance, Union Bank, Aditya Birla Fashion, Ashok Leyland, PIX Transmissions, Axtel Industries, Metropolis Health, and Globus Spirits tanked up to 20 per cent.

Zomato, Nykaa, Paytm, and 12 other stocks, meanwhile, hit their respective all-time lows on the BSE. READ MORE

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Markets at 02:30 PM

LIVE market updates: The key benchmark indices drifted lower and hit fresh lows for the day on the back of relentless selling pressure in metal and financial shares.

The BSE Sensex touched a low of 56,494, and was down 1,626 points at 56,527. The NSE Nifty slumped 496 points to 16,879.



Tata Steel tumbled 5.5 per cent to Rs 1,187. HDFC too plunged nearly 5 per cent to Rs 2,308. ICICI Bank and SBI shed 4.5 per cent each. Kotak Bank too slipped over 4 per cent.

IndusInd Bank, Axis Bank, Mahindra & Mahindra, Larsen & Toubro, UltraTech Cement, ITC and HDFC Bank were the other major losers, down over 3 per cent each.

The broader indices also extended losses - the BSE Midcap index dipped 3 per cent, while the Smallcap index tanked 3.6 per cent.

Shares of some of the recently listed companies also came under heavy selling pressure with Zomato, Nykaa, Paytm, and 12 others hitting respective all-time lows on the BSE. READ MORE

In the broader markets, Metropolis Heathcare, HLE Glascoat, Jain Irrigation, KRBL, Mahindra Logistics, Quess Corp, Himatsingka Seide, Thyrocare Technologies, Ramco Systems, TV18 Broadcast, HEG, Hindustan Copper, Praj Industries, APL Apollo Tubes, Mangalam Organics, Globus Spirits, Hindustan Composites, KM Sugar Mills, Texmaco Rail and Reliance Infrastructure were some of the significant losers, down over 8 per cent each.

On the positive front, Excel Industries and Shreyas Shipping were locked at their respective 20 per cent upper limits on the BSE. Mirza International, Orbit Exports, Winsome Textiles, Sandur Manganese Iron Ore, TCPL Packaging, Ruchi Soya, Genesys International, Uflex, Squent Scientific, Jaiprakash Power Ventures, Mahindra Lifescpace and Johnson Control Hitachi Air were some of the major gainers.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices continued to languish with deep losses on the back of weak overseas cues. Metals, auto and banking shares were the worst hit, while among index heavyweights - ICICI Bank, HDFC and HDFC Bank accounted for more than 40 per cent of the day's losses.

The BSE Sensex nose-dived to a low of 56,612, and was down 1,102 points at 57,051. The NSE Nifty plunged 334 points to 17,041.

Among the Sensex 30 shares, Maruti slumped 4 per cent. HDFC, Tata Steel, ICICI Bank, SBI and Kotak Bank were the other major losers, down 3-4 per cent each. IndusInd Bank, Axis Bank, UltraTech Cement, Dr.Reddy's, Larsen & Toubro, Mahindra & Mahindra, HDFC Bank and ITC were down over 2 per cent each. TCS was the sole gainer, up 1.5 per cent.



The broader indices were also down in tandem with the benchmark indices. The BSE Midcap and Smallcap indices were down 2.1 per cent and 2.5 per cent, respectively.

All sectoral indices were in negative zone, with losses in excess of a per cent each. The BSE Metal was the worst performer, down 3.7 per cent. The Auto and Bankex too slumped over 3 per cent each. The FMCG, Telecom, Capital Goods, Consumer Durables, Power and Realty indices were the other heavy losers.

Crest Ventures, Cyber Media India, Hindustan Construction, HT Media, Mukand Engineers, Panchsheel Organics, Sapphire Foods, Shankara Building, Shristi Infra and Speciality Restaurants among 162 stocks to record a new 52-week high in trades so far. On the other hand, 90 stocks posted a new 52-week low, including the likes of Alembic, Astrazeneca Pharma, Bayer Cropscience, CarTrade, Data Patterns India, Dilip Buildcon, Engineers India, Gayatri Projects, Gillette India, HDFC, HDFC Life, Heidelberg Cement, HUDCO, Indraprastha Gas, Indigo Paints, Lupin, MCX, MRF, Neuland Labs, Nucleus Software, Nykaa, Orchid Pharma, Paytm, Procter & Gamble, Railtel Corporation, Rallis India, Solara Active Pharma, Star Health, Supereme Industries, VGuard, Vijaya Diagnostic, VST Industries Whirlpool of India and Zomato.

A total of 243 stocks hit their respective upper limits, while 561 stocks hit the lower circuits in trades so far on the BSE.  

The overall market breadth too was extremely negative, with more than four declining shares for every advancing stock on the BSE.
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Markets at 12 noon

LIVE market updates: The frontline indices continued to hold losses in noon trades in a highly weak market as select financial counters and heavyweights Reliance (down 1.5 per cent) and ITC (down 1.85 per cent) persistently weighed on the Sensex benchamrk.

The Sensex was down 1,168 points at 56,985 levels, while the NSE Nifty50 benchmark was 353 points lower at 17,022. The two had slipped 2 per cent each.

In the broader markets, the BSE MidCap and SmallCap indices were down 2 per cent and 2.3 per cent, respectively. The top losers among MidCaps were LIC Housing Finance, Ashok Leyland, Endurance, Honey Automation, Kansai Nerolac Paints, Federal Bank, Rajesh Exports, Aditya Birla Fashion, Union Bank, Astral and Suprme Ind, all trading 4-6 per cent lower. 
 
Shares of Adani Enterprises were trading 3 per cent lower on the BSE. Adani Wilmar was up 0.85 per cent after tanking nearly 8 per cent earlier in the day. Both the companies are slated to announce their Q3 results today. 

Moreover, shares of FSN E-Commerce Ventures, the parent company of beauty e-tailer Nykaa, hit an all-time low of Rs 1,536, down nearly 7 per cent on the BSE. The stock of the cosmetics-to-fashion retailer has slipped 19 per cent in the past one week after the company reported a weak set of numbers for the October-December quarter (Q3FY22). READ MORE HERE.

Asian markets

Shares in Japan led losses in Asia during Monday trade as investors monitor developments from the Covid situation in Hong Kong to tensions between Russia and Ukraine. The Nikkei 225 dropped 2.23 per cent, while South Korea’s Kospi declined 1.52 per cent. Hong Kong’s Hang Seng index dipped 1.5 per cent. The city is reportedly facing a severe fifth wave of Covid infections. In mainland China, the Shanghai composite and the Shenzhen component slipped 1.3 per cent each.

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Markets at 11 AM

LIVE market updates: The headline indices were mildly eased from day's lows and were lower by 1.8 per cent each in morning deals. The BSE Sensex was at 57,114, down by 1,039 points, and the NSE Nifty was 317 points lower at 17,057. 

On the bourses, TCS and ONGC continued to trade firmly higher, up 2 per cent and 1.75 per cent, repsectively. The two were the sole gainers of the day so far on the benchmarks. On the flip side, banking counters--ICICI Bank, HDFC twins, SBI, along with RIL, ITC, and JSW Steel were the top laggards, limiting recovery. 

ALSO READ: Monday Mayhem: Ukraine-Russia clash, oil prices send Sensex 1,500 pts down

In line with the benchmarks,  the broader markets too had sharp cuts. The BSE MidCap and SmallCap indices were lower by 1.76 per cent and 2 per cent, respectively. 

Sector-wise, the Nifty PSU Bank index was the leading loser, down 3 per cent, followed by Nifty Bank, Financial Services, Metals, Realty and Auto indices, trading 2-2.6 per cent lower. The Nifty IT and Pharma were mildly down by 0.14 and 0.7 per cent, respectively. 

BS SPECIAL: FII flow into Indian equities may pick up in later part of 2022: Analysts

Buzzing stocks

Shares of Oil & Natural Gas Corporation (ONGC) hit a fresh 32-month high at Rs 176.40, on rallying 5 per cent on the BSE as oil prices hit their highest in more than seven years on fears a possible invasion of Ukraine by Russia. The state-owned company on Saturday also reported a nearly seven-fold jump in December quarter (Q3FY22) net profit after higher oil and gas prices offset a drop in production. READ MORE.

Further, shares of Housing Development Finance Corporation (HDFC) hit a 52-week low of Rs 2,321, down 4 per cent on the BSE. The stock of the mortgage lender has fallen 11 per cent in the last eight trading sessions after the company announced its December quarter results on February 2, 2022. READ HERE.

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Markets at 10 AM

LIVE market updates: The key benchmark indices held on to sharp losses in early morning trade but were slightly off lows. The indices had slumped at open amid high global volatility on a possible Russian invasion of Ukraine. The BSE Sensex was now 1,100 points at 57,041, and the NSE Nifty was at 17,032, lower by 348 points. 

HDFC, IndusInd Bank, Tata Steel, SBI, ICICI Bank, M&M and Bharti Airtel were the top Sensex laggards, down 3-3.5 per cent. JSW Steel led losses on the Nifty, trading 5 per cent lower, followed by additional losers-HDFC Life and Tata Motors.   

The overall market breadth was also highly negative with 2,630 stocks declining on the BSE, while only 517 were trading higher. 

"Sentiments have turned very negative for the short-term with the heightened tension over the Ukraine crisis. Weakness in global markets is the direct fallout of the Ukraine crisis. Crude at an eight year high is another major macro concern for India. If crude remains at levels of $95 for an extended period of time, the RBI will be forced to revise upwards its 4.5 per cent CPI inflation projection for FY23," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.  

"Continuation of the accommodative monetary stance too will be difficult. While all these are negatives, diffusion of the Ukraine crisis  can trigger a sharp rebound in markets led by large-cap bluechips," he added. 

Among stocks, TCS extended gains and was now up 2.6 per cent being the sole gainer on the Sensex after the consulting & software company fixed February 23, 2022, as the record date for share buyback. READ MORE HERE

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Opening Bell

LIVE market updates: Following their Asian peers, the domestic benchmark indices started trade sharply lower on Monday. The BSE Sensex fell 1,249 points to 56,904, while the NSE Nifty was down 356 points at 17,019. 

On the Sensex-30 shares, barring TCS (up 1 per cent), all the other stocks were in the red zone, led by M&M, ICICI Bank, HDFC, SBI, Dr Reddy's, Tata Steel,  L&T, Bajaj Finserv, Maruti, IndusInd Bank, and Bharti Airtel, trading 2.6-4.5 per cent lower. On the Nifty, ONGC (up 2 per cent) was the other sole gainer, while, JSW Steel, HDFC Life, and Tata Motors were the additonal losers. 

TCS was the sole gainer on the Sensex after the IT services giant on Sunday said the members of the company had approved the buyback of shares worth up to Rs 18,000 crore by passing a special resolution through postal ballot. It has fixed February 23, 2022, as the record date to determine the entitlement and names of the shareholders who will be eligible to participate in the buyback.

In the broader markets, the BSE MidCap and SmallCap indices were also deep in red, down 2.7 per cent and 3.15 per cent, respectively. 

Sectorally, all Nifty indices were in the negative territory, led by losses in Nifty Bank, PSU Bank indices, down nearly 3 per cent and 4 per cent, respectively. The Nifty Auto, Realty, Metals, Financial Services were all nearly 3 per cent lower. The Nifty IT and Pharma indices had the lowest cut of 0.6 and 0.8 per cent, respectively. 

The volatility gauge-the VIX index, meanwhile, soared to 22 levels by jumping 17 per cent. 

Among stocks, Mirza International was trading 11.5 per cent up on the BSE. The company has posted net profit of Rs 43.9 crores for the period ended December 31, 2021 as against net profit of Rs.16 crores a year ago, that is a YoY rise of 174 per cent. 
 

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Pre-open session

LIVE market updates: The key benchmark indices were seen holding significant losses in the pre-open trades. The BSE Sensex was down 1,012 points at 57,140, while the NSE Nifty was 317 points lower at 17,074. 

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LIVE market updates: The key benchmark indices are likely to start Monday's session lower amid weak global cues heightened by interest rate hike expectations and the growing geo-political tension around Russian and Ukraine. 

At 8:10 am, the SGX Nifty Futures were 200 points down at 17,147, as against the Nifty's spot close on the previous day. 

In the market, Coal India, Eicher Motors, Graphite India, Grasim Industries, Balkrishna Industries, Adani Wilmar, NBCC and SpiceJet are some of the companies that will report their quarterly numbers later today. READ MORE.

On Friday the BSE Sensex benchmark had slumped 773 points to close at 58,153 and the Nifty50 ended 231 points lower at 17,375.

"Technically, Nifty is facing resistance at 100-DMA which is currently placed at 17,650 level. On the downside, 17,300 is immediate support, below this- 17000-16800 is a critical demand zone and the buy-on dip texture will remain intact till Nifty trades above 16,800 that is 200-DMA," said Santosh Meena, Head of Research, Swastika Investmart. 

In an other significant development, the state insurer – Life Insurance Corporation of India has filed its IPO draft papers with the market regulator SEBI. The government will sell 5 per cent of its stake, fetching between Rs 60,000 crore and Rs 75,000 crore, thus pegging the insurer's market value between Rs 12 trillion and Rs 15 trillion. The final valuation will be decided closer to the IPO. READ MORE.

Global cues

On Friday, the US markets crashed heavily with Dow Jones down 1.4 per cent and Nasdaq (2.8 per cent) after Washington warned that Russia had massed enough troops near Ukraine to launch a major invasion, and that an attack could begin any day.

Oil prices ended last week at fresh 7-year highs. Brent crude surged 3.3 per cent to $94.44 a barrel, and WTI crude soared 3.6 per cent to $93.10, a barrel.

This morning, the major markets in Asia were deep in red underlining the bearish sentiment. Nikkei plunged over 2.5 per cent. Kospi slumped 2.1 per cent. Taiwan and Hang Seng were down 1.8 per cent and 1.5 per cent, respectively. Straits Times slipped 0.6 per cent, while Shanghai Composite moved up 0.1 per cent.