Russia-Ukraine Crisis Sends Sensex Tumbling 383 Points, Nifty Settles Above 17,000; Tata Steel, TCS Worst Hit

Tue, 22 Feb Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended lower.

Benchmark indices staged a smart recovery in the last hour of trade as fag-end buying emerged in HDFC, M&M, Infosys, Kotak Bank, and Bajaj Finserv.

That said, the markets ended lower for a fifth consecutive day.

The BSE Sensex had crashed nearly 1,300 points intra-day but recouped most of the losses, while the NSE Nifty bounced back nearly 250 points from the day's low to settle above 17,000.

At the closing bell, the BSE Sensex stood lower by 383 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 114 points (down 0.7%).

M&M and Bajaj Finserv were among the top gainers today.

Tata Steel and BPCL, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,079, down by 128 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.7% and 1.6%, respectively.

Sectoral indices ended on a negative note with stocks in the realty sector and telecom sector witnessing most of the selling pressure.

Power stocks, on the other hand, witnessed buying interest.

Shares of Cholamandalam Investment hits its respective 52-week high today.

The rupee is trading at 74.88 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.5% at Rs 50,319 per 10 grams.

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Has the correction just started or is this only a temporary blip in the market's journey towards making a new all-time high?

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Indian markets suffer heavy losses amid escalating crisis

Indian share markets saw heavy losses as the geopolitical tensions between Russia and Ukraine escalated.

Stocks fell sharply after Russian President Vladimir Putin ordered troops into separatist regions of eastern Ukraine, suggesting a long-feared invasion was possibly underway.

Note that it has been quite a few weeks now ever since Indian share markets are reacting with increased volatility amid the rising tensions.

All this started in November 2021 when satellite imagery showed a new build-up of Russian troops on the border with Ukraine.

Last week on Monday, benchmark indices witnessed the worst day of 2022 amid fear of Russian troops attacking Ukraine at any point in time.

In such a panic situation, individual investors took out money from stocks. This, at a time when FIIs are also net sellers.

Clearly, 2022 has started with a lot of uncertainty.

Let's see how the markets have fared in recent days since the tensions escalated.

Since the start of February 2022, benchmark indices Sensex and Nifty are down 5% each while the fall on broader indices has been much severe.

Which stocks fell the most in February 2022?

Which stocks gained the most in February 2022?

Companies with European Exposure Bleed

When FIIs were selling big time, companies which had huge FII exposure tanked. The likes of HDFC group companies, banking stocks such as Axis Bank, IndusInd Bank, etc.

Similarly, this time, companies with significant exposure to Europe witnessed the heat.

Tata Motors, Tata Steel, Motherson Sumi, Bharat Forge and Varroc Engineering fell in the range of 2-5%.

What's more, the Russia-Ukraine crisis has become an additional headache for auto ancillary companies who have been hit by the decline in demand from the OEMs in Europe due to semiconductor shortage.

How global markets, US futures, crude oil and cryptos are faring...

Asian stock markets ended on a negative note today.

The Hang Seng and the Shanghai Composite ended down by 2.7% and 1%, respectively. The Nikkei ended down by 1.7% in today's session.

US markets are set for a week start with stock futures falling sharply in early trade.

Futures tied to the Dow Jones Industrial Average are down by 493 points, or 1.4%. While Nasdaq 100 futures were off by 2.6%.

Yesterday, the US stock market was closed due to the President's Day holiday.

Meanwhile, trading at around US$95 a barrel, international crude prices are a way off the all-time peak of more than US$147 hit in July 2008.

Crude oil price has seen a sharp jump to an 8-year high amid fear over the Russian invasion in Ukraine. This has inflationary impact on India. India imports more than 80% of its oil requirement. Rising prices will impact the current account deficit.

Moving on to cryptos...they were no exception and fell in line.

Bitcoin dropped to a more than two-week low and was seen nearing the key US$30,000 level.

It remains to be seen how the situation unfolds as new developments pour in.

Moving on to stock specific news...

Indiabulls Real Estate was among the top buzzing stocks today.

Indiabulls Real Estate share price surged over 12% on 23 February even as the market traded deep in the red with Ukraine-Russia tensions coming to a head.

The gains came after the developer clarified that the recent Enforcement Directorate (ED) searches were about a client and had nothing to do with the company's business or operations.

The stock was in focus after the Delhi and Mumbai division of ED on 21 February searched the offices of Indiabulls Housing Finance and Indiabulls Finance Centre in Mumbai.

The searches were conducted on an Enforcement Case Information Report (ECIR) filed by the agency under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, its promoter Sameer Gehlaut, and a number of other linked companies and individuals, a media report said.

On 21 February, Indiabulls Housing Finance said an exchange filing that the ED sought some information regarding certain clients and the matter originated from an ECIR filed by the agency on the basis of an FIR lodged in Wada village, Maharashtra in April 2021. The company and its officials provided the data of clients to ED.

Sameer Gehlaut has resigned from the office of non-executive director and chairman of the company effective from 31 December 2021. Further, the outgoing promoters have submitted that they are not involved in the day-to-day management of the company, Indiabulls Real Estate said.

Indiabulls Real Estate share price ended the day up by 10.4% on the BSE.

Moving on to news from the IPO space...

Swiggy Prepares for US$800 million IPO

Food delivery platform Swiggy is eyeing US$800 m initial public offering (IPO) early next year, as per a report. The IPO preparation comes in hopes to raise the funds to expand market share amid tough rivalry with Zomato.

Swiggy recently turned decacorn by raising US$700 m in a funding round led by Invesco. The funding round valued the food delivery startup at US$10.7 bn, more than rival Zomato, following US$1.3 bn round in July 2021 at a valuation of US$5.5 bn, a 50% jump from the valuation of US$3.6 bn in April last year.

Investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late-Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group, and Segantii Capital also took part in the round.

Swiggy's existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus also participated.

Swiggy's fundraise for IPO and valuation boost comes at a time when its rival Zomato has seen its market capitalization erode rapidly since its stock market debut in July last year.

Similarly, other new age tech stocks like Paytm, Nykaa that got listed recently have also seen a massive fall in their share prices.

Foodtech platform Swiggy reported a 27% decline in its 2020-21 operating revenue amid covid-induced lockdowns in the country. Its consolidated operating revenue fell to Rs 25.5 bn for the fiscal 2021 compared to Rs 34.7 bn in the fiscal 2020, according to the company's filings with the ministry of corporate affairs. Its consolidated total income was down 28% to Rs 26.8 bn.

How this IPO sails through remains to be seen.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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