The Indian markets tanked on Thursday after Russian President Vladimir Putin on Thursday announced a military operation in Ukraine, claiming it’s intended to protect civilians.
The Indian markets tanked on Thursday after Russian President Vladimir Putin on Thursday announced a military operation in Ukraine, claiming it’s intended to protect civilians. Benchmarks Nifty and the Sensex dropped nearly 2.5% to open at 16,574.15 and 55,418.45 respectively as all stocks on the two indices turn negative
Read more:LIC IPO: Pradhan Mantri Jeevan Jyoti Bima Yojana subscribers eligible for IPO discount
Signals came from SGX Nifty, where in Futures index dropped by massive 458.50 points or 2.69% to 16,604.50.
In the pre-open, the Sensex slumped more than 1800 points or 3.17% to 55,418.45 as all shares turned negative on Thursday.
Earlier, Mohit Nigam, Head – PMS, Hem Securities, said Indian markets are expected to open on flattish to negative note as suggested by SGX Nifty.
Read more:Bikaji Foods IPO: Snack maker files draft papers with SEBI for initial offer
“Textile industry’s stocks may remain in focus with a report that India’s annual textiles exports can rise to $100 billion in the next five years from the current $40 billion. Besides, microfinance sector stocks may also remain in action as India Ratings and Research in its latest report has revised upwards its outlook on the microfinance sector to ‘neutral’ from ‘negative’ for the next financial year (FY23),” he said.
On technical front today Nifty50 may take immediate support and resistance at 16,850 level and 17,300 level respectively. In the case of Bank Nifty 36,900 and 37,600 levels will act as immediate support and resistance.
