Sensex and Nifty take a nosedive as investors continue the big sell-off fearing rising global uncertainties
- Sensex slipped nearly 3% on Monday morning following negative global cues on heightened concerns related to the Russia-Ukraine war.
- Also, crude oil prices have surged to $130 per barrel as compared to $91 per barrel a month back.
- Asian markets including Shanghai, Japan, and Hong Kong also remained in the red as investors across the world sold stocks on fear of rising uncertainties.
AdvertisementInvestors across the world have been fretting since the last few weeks and selling their investments in the equity market on rising uncertainties around the world.
Sensex and Nifty 50 slipped nearly 3% on Monday morning following negative global cues on heightened concerns related to the Russia-Ukraine war.
Russia’s invasion on Ukraine has made things worse for the entire world by pushing up prices of important commodities like crude oil and metals.
While the oil prices were already tight before Russia invaded Ukraine, it got worse after the major oil producer executed a war.
The Indian economy is expected to be the worst hit because of the jump in oil prices as the country imports 80% of its oil needs and any rise in oil price increases the import bill.
Moreover, inflation is also expected to shoot up sharply as prices of sunflower oil, wheat, LPG, crude oil are directly impacted due to the ongoing battle between Russia and Ukraine.
To prevent more damage western countries have already unleashed unprecedented sanctions on Russia that include seizing accounts of prominent companies, individuals.
Here are the stocks that investors dumped the most today:
|Top loser stocks||% change as of 10:20 a.m.|
“On the home front, investors will be watching the outcome of the state elections in five states on March 10: Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur. Investors all throughout the world are weighing the economic risks of this protracted conflict along with this macroeconomic industrial output data, as well as the direction of foreign fund flows and global commodity price variations, will influence investor mood. Aside from foreign issues, the domestic market will be watching the Bank of England and the Federal Reserve of the United States for policy announcements,” said Mohit Nigam, head of portfolio management services (PMS) at Hem Securities.
$NIFTY50.NSE can finally find support in the 15350-15600 belt. I will look for reversal patterns in this zone!— (@anoshmodyy) March 07, 2022
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