The bloodbath on Dalal Street on Monday provided Twitter users enough fodder for rib-tickling memes. Indian bourses fell 1,071 points to 57,080 and Nifty slipped 309 points to 17,065 as of 10:30 am today. Top Sensex losers today are HDFC, ICICI Bank, Tata Steel and IndusInd Bank.
From 'even market is red on Valentine’s Day' to 'Aapne ghabrana nahi hai', here’s how the Internet reacted to stock market crash today:
Meanwhile, the bloodbath at the Indian bourses was triggered by the Russia-Ukraine crisis, US Federal Reserve’s aggressive statements on rate hike and the ABG Shipyard fraud case. Experts like Mehta Equities’ Prashanth Tapse have also told investors to expect some amount of volatility and choppiness “to be the hallmark at Dalal Street in the near term.” Tapse further said, “If the oil prices rise above $110 per barrel, then simply expect Nifty to slip swiftly towards its December 2021 lows at 16.410 mark.”
Tradingo founder Parth Niyati told BusinessToday.In, “Indian markets witnessed a sharp fall on the back of rising geopolitical tension between Russia and Ukraine. This geopolitical tension is leading to a sharp rise in crude oil prices which is another headwind for Indian equity markets. World markets were trying to digest record inflation in the US but the surge in geopolitical tension spoiled the mood. There is some sentimental impact of the bank fraud issue of ABG group on banking stocks but it doesn’t have a material impact as it is already part of NPA.”
Also read: Stock Market LIVE: Sensex down 1,000 points, Nifty below 17,100; HDFC, ICICI Bank, Tata Steel top losers
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