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Benchmark indices opened in deep red amid a sell-off as Russian President Vladimir Putin announced a military operation in Ukraine.
The market opened on a weak note, tracking global cues as markets watched the developments in the Russia-Ukraine crisis. Putin announced a military operation in Ukraine, stating that the action comes in response to threats coming from Ukraine in a televised address.
The BSE Sensex, which opened at 55,418.45, slumped further to 55,375.33 post opening. It was down 1327.34 points, or 2.32 per cent, to 55,904.72 at 9:15 am.
The Nifty 50, which opened at 16,548.90 and slipped to a low of 16,546.75, was trading at 16,592.95, down 470.30 points or 2.76 per cent.
All stocks were in the red on the Nifty 50 and the 30-scrip BSE Sensex, amid across the board selling.
The volatility index rose 18.11 per cent to 28.99.
On the sectoral front, Nifty PSU Bank and Nifty Realty were down nearly 4 per cent each. Nifty Auto, Nifty Metal, Nifty Private Bank and Nifty Consumer Durables were down nearly 3 per cent each. Nifty Bank and Nifty Financial Services were down over 2.5 per cent each. Nifty Healthcare Index and Nifty Oil & Gas were each trading over 2 per cent lower.
In the broader market, Nifty Midcap 50 was down nearly 3 per cent while Nifty Smallcap 50 was down nearly 4 per cent. The S&P BSE Midcap was down 2.55 per cent while the S&P BSE Smallcap was down 2.96 per cent.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The growing concern surrounding the deteriorating Ukraine crisis has pushed global stock markets into correction mode. The near 20% decline from the peak in NASDAQ is a clear indication of the correction that has set in. Also, the safe-haven gold shooting to $1913 is a reflection of the risks arising from the crisis. Investors should wait and watch the unfolding situation before taking any major commitments.”
Brent Crude extended gains to hit the $100 a barrel for the first time since September 2014 on Thursday amid the Russia Ukraine crisis.
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