Market Update : There was huge volatility in the Indian stock markets on Tuesday. The markets were open with a huge gap. Nifty had gone below 17 thousand with a fall of more than 200 points. However, in the afternoon there was a strong recovery from the lower levels in the market. After the recovery, Nifty again crossed its level of 17,000.
Today the Sensex closed at 57300.68 with a fall of 382.91 points. On the other hand, Nifty closed at 17092.20 with a fall of 114.45 points. At the same time, Nifty Bank closed at 37,371.65 with a fall of 313.95 points. Realty, metal, IT were under maximum pressure. Selling was also seen in mid cap and small cap stocks.
Strong recovery from lower levels due to news
In the afternoon, an important statement came from the Foreign Minister of Russia, which said that talks have not taken place on building a Russian base in eastern Ukraine. On the other hand, Dow Futures improved by 250 points from the bottom after noon. There was a recovery of 2% from the bottom in the European markets. Therefore, there was a recovery from the lower level in the Indian market. Nifty improved by 250 points from the lower level. Sensex came up 950 points from the lower level.
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Crude oil continues to rise
The Ukraine crisis has pushed crude oil prices to a 7.5-year high. HPCL’s CMD Mukesh Kumar Surana said in a special conversation with CNBC TV18 that this boom has come due to the Russia-Ukraine crisis and the decision to increase production from OPEC+. In the current situation, 3 triggers are important for crude oil. This surge has been triggered by the Russia-Ukraine crisis and the delay in the decision on production. Crude oil prices are expected to remain elevated. US-Iran talks are expected to increase supplies. Worldwide there is a shortfall of 9 lakh barrels / day. There is no problem with the supply as of now. With the introduction of international travel, the demand will increase further.
Indian markets were open today with a heavy fall amid rising tensions between Ukraine-Russia. In early trade, the Nifty was seen around the level of 16,972.55 with a weakness of 234.10 points or 1.36%. At the same time, the Sensex was trading with a fall of 1001.61 or 1.74 percent in the morning session.
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