Sensex Bounces Back, up 1,000 Points Today Amid War in Ukraine, Nifty Near 16,500

Key benchmark indices opened on a positive note after carnage was seen at the D-street as Russian President Vladimir Putin ordered military operations on Ukraine. At 09:16 IST, the Sensex was up 963.28 points or 1.77 per cent at 55493.19, and the Nifty was up 289.80 points or 1.78 per cent at 16537.80. About 1544 shares have advanced, 611 shares declined, and 68 shares are unchanged.

Among the Sensex-30 shares, IndusInd Bank, Tata Steel, M&M, Bajaj Finserv, ICICI Bank, Axis Bank, Ultratech Cement, Wipro, Bajaj Finance an SBI were the top gainers, up to 4 per cent higher. All Sensex shares were in green.

In the broader markets, the BSE MidCap and SmallCap indices were also in the positive territory, up 3 per cent each. Among individual stocks, Apollo Hospitals stocks rallied 3 per cent. The company will be replacing Indian Oil in the Nifty 50 Index.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Market has corrected significantly with Nifty, Nifty Midcap and Nifty Smallcap declining sharply by 12%, 20% and 22% respectively. This has made valuations fair with Nifty trading around 17 times FY23 earnings. But we are in the context of a war with a high level of uncertainty. A lot will depend on whether this will be a short war or will it get prolonged. If it turns out to be a short war with Russia succeeding in putting a pro-Russian government in Ukraine soon, markets are likely to bounce back. On the other hand, if it gets prolonged, the uncertainty will impact markets.”

“Since the situation remains fluid, investors may remain cautious and vigilant. For long-term investors who can ignore the short-term gyrations in the market, there are buying opportunities in high quality stocks that have corrected significantly. Financials, IT and real estate stocks have the potential to bounce back smartly in a favorable environment,” Vijayakumar added.

Global Cues

US markets on Thursday recovered from early losses after President Joe Biden stopped short of implementing the steepest possible sanctions against Russia. The Dow Jones Industrial Average rose a more modest 92.07 points, or 0.3 per cent, to 33,223.83. It rallied back from an earlier 859-point loss. The S&P 500 rose 63.20 points to 4,288.70. the Nasdaq staged an even bigger comeback to end with a gain of more than 3 per cent.

Asian shares rose Friday after US stocks recovered toward the end of a wild trading day, as the world, including President Joe Biden, slapped sanctions against Russia for its invasion of Ukraine. Japan’s benchmark Nikkei 225 surged 1.4 per cent in morning trading to 26,343.02. Australia’s S&P/ASX 200 gained 0.5 per cent to 7,022.30. South Korea’s Kospi jumped 1.2 per cent to 2,681.19. Hong Kong’s Hang Seng added nearly 0.2 per cent to 22,941.59.

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