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Russian-Ukraine Crisis – How It Affects the Indian Technology Market

The Indian stock market has gone into freefall for the seventh straight session, with oil prices soaring to over $100 a barrel, Wall Street indices close to levels that would confirm a correction, all of which can be attributed to the Russian stock market. invasion of the eastern regions of Ukraine. Also read – India’s UPI goes international! Nepal will soon get UPI payment option

While the Indian markets struggled to keep up and saw a huge sell-off, we saw a drop of more than 2,000 points in the BSE Sensex. At 12:50 PM IST, Sensex dropped 2,006.8 points to stand at Rs 55,225.26. At the time, NSE Nifty was trading at Rs 16,462.30 (601 points lower). Also read – Best Free Fire Alternatives in India in 2022: Free Fire Max, BGMI, PUBG New State, more

At that point, Dalal Street’s India VIX index for fear meters had risen to 30.03, which is extremely worrying as experts have suggested India VIX reaching that 30 could open doors to 16,400 levels on Nifty50. Also read – Does India want to ban or tax cryptocurrencies?

All Sensex shares traded in the red, with Tata Steel, IndusInd Bank, Bharti airtelICICI Bank, UltraTech Cement, Tech Mahindra, SBI, M&M, TCS, Infosys and HDFC are taking the brunt of the carnage.

Other Asian markets are also seeing big sales, with the broadest MSCI index of Asia-Pacific stocks outside of Japan falling 1.6 percent. The Australian and Hong Kong indices also plunged 3.3 percent. Japan’s Nikkei fell 2.3 percent and Chinese blue chips fell 1 percent. At the same time, oil barrel prices hit the $100 mark for the first time since 2014.

As the market fell, gold became a safe haven and rose to new levels.

All this can be attributed to the continued Russia-Ukraine-US grass escalations and the resulting sanctions, which are pushing up commodity prices and heightening fears of more rapid monetary tightening. Russian President Vladimir Putin has authorized a military operation, which some agencies suggested could start a war in Europe over Russia’s demands to end NATO’s eastward expansion. The big drop in the market was seen today after Russia ordered military action in Ukraine.

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