The Indian stock market opened in the red on Thursday, as rising tensions in the Russia-Ukraine war weighed on investor sentiment. The market saw heavy selling, particularly in the public sector (PSU) bank sector, which caused the Nifty PSU Bank index to drop by more than 4 percent.
Early Market Performance
At 9:43 a.m., the Sensex stood at 76,968.28, marking a decline of 610.10 points or 0.79 percent. The Nifty was trading at 23,308.85, down by 209.65 points or 0.89 percent. The negative trend persisted across the broader market, with 1560 stocks in the red compared to only 445 stocks in the green on the National Stock Exchange (NSE).
Decline In Key Indices
Among the key indices, the Nifty Bank index dropped to 50,299.40, falling by 397.10 points or 0.78 percent. Similarly, the Nifty Midcap 100 index slipped to 54,377.85, down by 170.40 points or 0.31 percent. The Nifty Smallcap 100 index also saw a decline, falling by 94.50 points or 0.53 percent to 17,582.85.
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Top Losers And Gainers In Sensex Pack
In the Sensex pack, the top losers included prominent stocks such as SBI, IndusInd Bank, NTPC, Asian Paints, ITC, Tata Motors, L&T, and Nestle India. On the other hand, stocks like Infosys, TCS, HCL Tech, HDFC Bank, and Tech Mahindra emerged as the top gainers.
Impact Of Escalating Russia-Ukraine Conflict
Market experts highlighted that the rising tensions between Russia and Ukraine could further dampen market sentiment. However, they noted that despite the uncertainty, they do not foresee a drastic market decline. “The escalation in the Ukraine-Russia war can weigh on markets, and the element of uncertainty is high. Most market participants are likely to adopt a ‘wait and watch’ approach. However, a sharp decline in the market seems unlikely since the US markets have largely downplayed the escalation,” said market analysts.
Asian And US Markets’ Performance
The negative trend in Indian markets was mirrored in several Asian markets. Except for Jakarta and Seoul, most Asian markets, including Shanghai, Tokyo, Bangkok, and Hong Kong, were trading in the red. In contrast, US stock markets closed in the green during the previous trading session, offering a potential counterbalance to global uncertainty.
Foreign And Domestic Institutional Investment Trends
Foreign institutional investors (FIIs) sold equities worth Rs 3,411 crore on November 19, while domestic institutional investors (DIIs) bought equities worth Rs 2,783 crore on the same day. This contrast in investment trends reflects the cautious stance of FIIs amidst global tensions.
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