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Today the market was
down about 1%, broadly along expected lines after last week's 4% rally. At the
close, the Sensex was down 57,292, down 571 points, while the Nifty
was down 169 points at 17118.
Russian forces continue to advance on Kyiv, the capital of Ukraine,
aggressively shelling cities amid heavy resistance from Ukrainians and their
forces, suggesting the war is unlikely to end soon. Peace talks between the two
sides have made little progress.
2
Global cues
Asian markets traded mixed as participants closely watched the war
between Ukraine and Russia. Hong Kong's Hang Seng and South Korea's Kospi fell
0.89% and 0.77% respectively, while Japan's Nikkei gained 0.65%.
3
Oil prices
Crude oil prices regained strength on tight supply fears after talks
between Ukraine and Russia officials stalled. Hopes that the Covid situation in
China is less scary than expected also supported prices. International
benchmark Brent crude futures have remained volatile since, after suffering a
correction of about 20 percent from March highs. Brent traded at $112.3 a
barrel, up 4 percent from the close on March 19. Volatility in prices and oil
above $100 is a risk for importers including India.
consolidation can be seen in the near term, given the sharp rally in previous sessions but as long as the index holds the crucial 17,000-mark, traders should not get worried about the current fall.On the flipside, 17,500 could act as a near-term resistance followed by 17,800
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