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By Malvika Gurung
Investing.com — Amid mounting concerns regarding the deepening tensions between Russia and Ukraine, along with oil prices soaring to multi-year highs, the US inflation widening to 40-year highs and sharp expectations of the US Fed tightening monetary policies aggressively in the year ahead, Indian equity benchmark indices showcased a gap-down opening on Monday.
Domestic indices opened 2% lower on Monday, and plunged 1,110.1 points or 2.06%. At 10:20 am, Nifty and Sensex were trading 2% and 1.9% lower, respectively.
NSE’s , or the fear gauge, has soared over 17%.
All sectoral indices on the Nifty basket were trading in red, led by , down 3.5%. dropped 3%.
Earlier in the day, on cues of Russia invading Ukraine in the upcoming days, and the UK Government urging its citizens in Ukraine to leave the country, prices surged and hit its highest since 2014.
Back home, Reuters reported that the country’s largest insurer, LIC, could potentially raise the biggest IPO in India, worth around $8 billion.
An analyst at Angel Broking states that until global uncertainty looms over, the markets, domestic and international will continue to face volatility on the higher end. He adds that on technical aspects, 17,000 is expected to act as the key demand zone as it is being backed by the supporting trend line.
Besides, with the US inflation climbing its 40-year high, the sell-offs from foreign portfolio investors (FPIs) are also on the rise. According to PTI, FPIs have withdrawn a net Rs 14,935 crore from the Indian market from Feb 1-11.
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