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By Malvika Gurung
Investing.com — Indian shares have fallen sharply on Thursday, following Russian orders of military operations in Ukraine and reports of explosions heard in Kyiv, surging oil prices and steep sell-offs in the US market overnight, correcting Wall Street indices, with the technology-heavy correcting 19% from its record high close on Nov 19.
As a result, Indian benchmark equity indices and tanked 2.9% each, at 11 am on Thursday, as oil prices exceeded the $100 barrel-mark for the first time since 2014.
With aggravating geopolitical tensions, Dalal Street’s fear barometer, surged 25.8% to 30.9, zooming over 38% to the 34-level, hitting its highest level recorded since June 2020, in almost 2 years.
Investors on Dalal Street lost a roaring Rs 10 lakh crore in today’s session, as BSE market capitalisation tumbled to Rs 246 lakh crore, and 9 out of every 10 stocks in the domestic market were trading in red on Thursday.
Broader market indices underperformed their headline peers, with plummeting 3.65% and plunging 3.52% at the time of writing.
The ongoing aggravated turf between Russia and Ukraine is escalating commodity prices, which if stay elevated for a few more months, will indicate RBI to quit its accommodative monetary stance. Indian 10-year bond yield has risen to 6.76% due to high prices, states Phillip Capital.
All the sectoral indices on the Nifty basket were trading in red, led by , down over 4%. was slumping 3.15%. tanked 2.23% at the time of writing.
Barring Hindalco (NS:) and ONGC (NS:), all the stocks on Nifty50 were trading lower, while all 30 stocks listed on BSE Sensex were trading deep in red.
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