Post Market views - Feb 24, 2022 - Reliance Securities

Mr Mitul Shah, Head Of Research at Reliance Securities.

Domestic equities crashed heavily in tandem with depressed global markets, as the Russian President Vladimir Putin declared a full-fledged war against Ukraine. Nifty declined by 5%. Broader markets underperformed in comparison to the main indices with Nifty Midcap and Nifty Smallcap decreasing by 5.7% and 6.2% respectively. All sectoral indices ended in red. Nifty PSU Bank decreased the most by 8.5% followed by Nifty Reality (-7.7%) and Nifty Media (-6.8%). US equities extends sell-off as Ukraine declared a state of emergency amid intensifying fears of a full-scale Russian invasion. The Dow Jones fell 1.4%. The S&P 500 index was down 1.8% while the Nasdaq dropped 2.6%. The 10-year Treasury yield rose 3 basis points to 1.98%.

The geopolitical pot is boiling. If that is no enough, the Fed's aggressive tone on rate hike is keeping market participants on the edge. The LIC's upcoming IPO is India's biggest ever public listing and it continues to make waves. As the ball gets rolling with mega roadshows to connect with top-notch investors, the IDBI Bank stake sale comes up next on the Centre's check list. As the economy looks to get on to the running track, the ongoing disinvestment process will for sure come as a shot in the arm for the government.

Source : Equity Bulls

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