Stock Market Analysis
As of 24 Feb 2022
On Dalat Street, the Russian invasion of Ukraine wrecked damage. Following Vladimir Putin’s battle yell, bulls were launched.
The benchmark indices recorded their fourth-worst point-wise fall in history on Thursday.
The 30-share Sensex fell 2,702.15 points, or 4.72 percent, to 54,529.91 points.
The Nifty50, a larger index, fell 815.30 points, or 4.78 percent, to 16,247.95. The BSE midcap and smallcap indexes fell 6% in the broader markets.
Geojit Financial Services’ Head of Research, Vinod Nair, said: “The entire market was taken aback since it had not anticipated a conflict.
It was expected that Biden and Putin would meet diplomatically. Instead, the Ukraine situation worsened when Russia invaded Eastern Ukraine, sending global markets into a tailspin.”
On the stock exchanges, there was carnage, especially among the second-tier firms. The selling pressure was too much for Gayatri Projects, Indus Towers, and Rain Industries.
On the other hand, Asahi Songwon and Federal-Mogul Goetze stood out among the gainers.
Losers: -
Gayatri Projects: Following the weakening in the local markets and bad technicals on the daily charts, the smallcap construction and engineering player struck the 20% downward circuit at Rs 19.90.
Indus Towers: The telecom infrastructure business fell 18% to Rs 205.75 after Vodafone Plc, a British telecom giant, sold a 2.4 percent interest in the company in a block sale for Rs 1,469 crore at a price range of Rs 227–231 per share.
Ramky Infra: The smallcap construction player has lost 25% in the last month and has been bleeding for about a month. It dropped almost 15% to Rs 171.60 on Thursday.
Gainers
Asahi Songwon Colors: The specialty chemical company specializing in color pigments and derivatives jumped more than 6% to Rs 261 on the strength of a significant increase in trade volumes.
Federal-Mogul Goetze (India): The pistons and piston rings manufacturer rose over 5% to Rs 265 after its parent firm Tenneco Inc announced a merger with Pegasus Merger Company.
Garware Hi-Tech Films: The polyester chips and films manufacturer gained an additional 4% to Rs 711.90. Over the previous two sessions, the stock has been on a tear, gaining roughly 25% in only a few days.
