Geo-politics triggers stocks’ tumble, realty shares down

Heightened tensions between Russia and Ukraine, as well as persistent selling by FIIs lead to India’s key indices - S&P BSE Sensex and NSE Nifty50 - plunging on Tuesday.

Besides, high crude oil prices along with subdued global indices added weight to the downtrend. On Monday, Russian President Vladimir Putin ordered the deployment of troops into two separatist areas within Ukraine, after recognising their independence, a move that some fear puts Kyiv and Moscow one step closer to a military conflict. This act led to to a slide in global stocks’ value while it catapulted prices of commodities, including crude oil and gold.

On the domestic front, the two key domestic indices had a gap down opening and kept falling for the fifth session. All sectoral indices traded in the red led by realty, metals, and telecom. Sensex ended at 57,300.68 points, down 382.91 points, or 0.66 per cent, from the previous close. Nifty closed at 17,092.20 points, down 114.45 points, or 0.67 per cent. “Nifty continues dropping everyday and then, recovering part of the losses by the end of the day,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Advance decline ratio continues to be heavily in the negative. 16809-16836 band continues to provide support on falls while 17267 could offer resistance.”