MARKET UPDATE:Sensex was now 1,100 points at 57,041, and the NSE Nifty was at 17,032, lower by 348 points
Published On: Monday, February 14, 2022 | By: Team KnowMyStock
The Indian key benchmark indices held on to sharp losses in early morning trade today (14th February 20222) 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 percent. JSW Steel led losses on the Nifty, trading 5 percent 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.
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