Stocks slump rupee slides gold turns costlier as Russia-Ukraine conflict shells markets
New Delhi Feb 24 PTI Markets were awash in red and the Indian currency plummeted against the dollar on Thursday amid Russias attack on Ukraine pushing investors to seek refuge in safe-haven assets Gold as well as crude oil prices surged with the latter even crossing the USD 105 per barrel mark Markets in Asia and Europe were also deep in the negative territory Investors wealth eroded by a whopping over Rs 1344 lakh crore on Thursday The 30-share BSE gauge plunged about 2850 points during the session before closing at 5452991 registering a massive fall of 270215 points or 472 per cent This was its biggest decline since March 23 2020 and the fourth-worst fall ever in absolute terms Likewise the NSE barometer Nifty nosedived 81530 points or 478 per cent to end at 1624795 At the interbank foreign exchange market the rupee opened at 7502 against the American dollar but later dropped to a low of 7575 against the greenback The local unit finally finished at 99 paise to close at 7560 from the previous close Meanwhile global oil benchmark Brent crude futures jumped 868 per cent to USD 10525 per barrel The dollar index which gauges the greenbacks strength against a basket of six currencies rose 102 per cent to 9716 Gold prices in the national capital rallied by Rs 1656 to Rs 51627 per 10 grams on Thursday on the back of safe-haven buying and sharp depreciation of rupee amid the Russia-Ukraine conflict HDFC Securities Senior Analyst Commodities Tapan Patel said spot prices for 24 carat gold at Delhi surged by Rs 1656 in line with gains in COMEX gold prices along with rupee depreciation He also said that gold prices rallied on safe-haven buying along with the dollar on geopolitical risk fearing severe sanctions on Russia and possible disruption of supplies of commodities It is difficult to predict the bottom of the market in a scenario like war Events will shape the movement The best thing for an investor is to follow asset allocation principles This is likely to be a Buy on Dip Market albeit with a lot of volatility in the near-term Nilesh Shah Group President MD Kotak Mahindra Asset Management Company The situation in Ukraine deteriorated after Russian President Vladimir Putin announced a military operation in Ukraine triggering serious concerns over the possibility of a full-scale military confrontation between the two countries PTI DRR RAM
New Delhi Feb 24 PTI Markets were awash in red and the Indian currency plummeted against the dollar on Thursday amid Russias attack on Ukraine pushing investors to seek refuge in safe-haven assets Gold as well as crude oil prices surged with the latter even crossing the USD 105 per barrel mark Markets in Asia and Europe were also deep in the negative territory Investors wealth eroded by a whopping over Rs 1344 lakh crore on Thursday The 30-share BSE gauge plunged about 2850 points during the session before closing at 5452991 registering a massive fall of 270215 points or 472 per cent This was its biggest decline since March 23 2020 and the fourth-worst fall ever in absolute terms Likewise the NSE barometer Nifty nosedived 81530 points or 478 per cent to end at 1624795 At the interbank foreign exchange market the rupee opened at 7502 against the American dollar but later dropped to a low of 7575 against the greenback The local unit finally finished at 99 paise to close at 7560 from the previous close Meanwhile global oil benchmark Brent crude futures jumped 868 per cent to USD 10525 per barrel The dollar index which gauges the greenbacks strength against a basket of six currencies rose 102 per cent to 9716 Gold prices in the national capital rallied by Rs 1656 to Rs 51627 per 10 grams on Thursday on the back of safe-haven buying and sharp depreciation of rupee amid the Russia-Ukraine conflict HDFC Securities Senior Analyst Commodities Tapan Patel said spot prices for 24 carat gold at Delhi surged by Rs 1656 in line with gains in COMEX gold prices along with rupee depreciation He also said that gold prices rallied on safe-haven buying along with the dollar on geopolitical risk fearing severe sanctions on Russia and possible disruption of supplies of commodities It is difficult to predict the bottom of the market in a scenario like war Events will shape the movement The best thing for an investor is to follow asset allocation principles This is likely to be a Buy on Dip Market albeit with a lot of volatility in the near-term Nilesh Shah Group President MD Kotak Mahindra Asset Management Company The situation in Ukraine deteriorated after Russian President Vladimir Putin announced a military operation in Ukraine triggering serious concerns over the possibility of a full-scale military confrontation between the two countries PTI DRR RAM
