Market LIVE: Sensex bleeds, down 2500 pts, Nifty support at 15950-16000 as Russia attacks Ukraine;

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 crashed over 3 per cent on Thursday, a day of monthly F&O expiry, after Russia’s Putin announced military operations on Ukraine. BSE Sensex crashed over 2000 points and gave up 56000, while NSE Nifty 50 index tanked fell below 16600. All the 30 S&P BSE Sensex stocks were trading in deep sea of red. Bharti Airtel was the Sensex laggard, followed by Tata Steel, Tech Mahindra, Wipro, IndusInd Bank, State Bank of India, TCS, RIL, Maruti Suzuki India, among others. India VIX futures jumped to 33.70 levels, highest since November 2020.

BSE

Reliance Industries stock to reap fruits of Jio, retail growth, analysts bullish, check target price

Reliance Industries (RIL) share price was down 4% on Thursday amid a global stock market rout, but analysts have in recent days reiterated bullish outlook on Mukesh Ambani stock due to strong growth in Reliance Retail and Jio telecom. Oil-to telecom conglomerate RIL’s stock has fallen 4.2% so far this year, outperforming benchmark indices Sensex and Nifty 50 — both down 6%. RIL shares hit a low of Rs 2,277 per share on Thursday.

India VIX looks to breach 31 levels

India VIX, the volatility gauge, was up a massive 26.18% with minutes left before the closing bell. The index was nearing 31 levels ahead of the closing bell.

Disruptions in crude oil supply may add to scarcity

Any disruption of flows between Russia and Europe, due to damage or sanctions, would drastically add to the already present supply scarcity. Situations as today’s entail lots of noise and uncertainty, and things could shift into different types of new dynamics. Will the West follow up the escalation with maximum sanctions, despite the heavy economic toll a further spike in oil prices entails? How will China and India engage in the conflict as they pay large parts of the economic costs too? Will the petro-nations bow to the West’s pressure and remove all of the supply restrictions to pump more oil? Will we see a revived nuclear deal and Iran coming back to the oil market as a key exporter? Given all these uncertainties, we revise our price targets. That said, oil prices are at economically burdensome levels already, and this usually meant lower prices in longer term. Any further spikes should translate into more downside, the uncertainty is more about the amplitude and time horizon.