Sensex Ends At 386 Points While Nifty Settles At 17,092; Kotak Bank, HDFC And Others Rose 0.5-0.7%

Indian equities organised a brilliant recuperation as of now of trade as fag-end purchasing arose in HDFC, M&M, Infosys, Kotak Bank, and Bajaj Finserv. All things considered, the business sectors finished lower for a fifth sequential day today as the geopolitical tensions among Russia and Ukraine stayed unstable.

In the view of Ukraine crisis may affect investor sentiment and the Sensex drop today, Aishvarya Dadheech, Fund Manager of Ambit Asset Management said, “The geopolitical risk of the Ukraine-Russian standoff is adversely impacting the global market, and India is no exception. Both Russian indices and currency, have witnessed the biggest fall since 2008. This dispute alongside the potential threat of rising rates by global central banks to fight inflation, is dampening the sentiment of investors."

"In the Indian context, investors were concerned about events like state election outcomes & central banks raising interest rates, whereas the third dimension of war has been added to the investor's plate. This is fuelling volatility to unprecedented levels", she added.

The forefront S&P BSE Sensex had crashed almost 1,300 points intra-day however recovered a large portion of the misfortunes to end 383 points, or 0.6 per cent, lower at 57,300.6 levels today. The Nifty50 index, in the mean time, bounces back 248 points from the day's low to settle at 17,092, down 114 points or 0.6 per cent.

Ruchit Jain, Lead Research of 5paisa.com said, "On the back of negative cues from the global markets, Nifty started the day gap down around 16850. However, the index did not see any follow up selling and amidst higher volatility; it recovered from the lows to end the day tad below 17100 with a loss of more than half a per cent.

The rising tensions between Russia and Ukraine have perplexed market participants and have resulted in increased volatility. Although the indices recovered well from their supports, the intraday volatility was high making it difficult for traders. Positionally, 16800 is now a sacrosanct level as Nifty has recovered from this level several times in the recent times. On the daily chart, Nifty has been trading within a ‘Descending Triangle’ with support of the pattern around 16800 and resistance around 17400."

"A move beyond this broad range will now lead to next leg of the directional move and hence, traders should be watchful on the mentioned range. We remain hopeful till 16800 is intact but below this, one should then look to lighten up trading longs. India VIX has seen a sharp surge and has ended around 27. It’s the global news flows which are dictating the market movement as of now, and hence one should avoid aggressive positions and trade with proper risk management", he added.

Market broadness improved amazingly before the end of the meeting as 16 stocks finished higher on the Nifty while 34 stocks shut losing money.

Among these 16 stocks, M&M, Eicher Motors, Hindalco, Bajaj Finserv, Hero Moto, ONGC, Kotak Bank, HDFC, and Cipla drove from the front, ascending between 0.5 per cent and 1.7 per cent.

BPCL, TCS, Tata Steel, Tata Motors, SBI Life, SBI, Dr. Reddy's, Bharti Airtel, and Indian Oil reeled under pressure and fell up to 4 per cent on downside.

The BSE MidCap and SmallCap indices fell up to 2.5 per cent intra-day, settled 0.7 per cent and 1.6 per cent lower, respectively.