The unshakable faith of the first-time retail traders in India’s ongoing bull market faced its sternest test on February 24 after Russia’s invasion of Ukraine caught them on the wrong foot.
Vladimir Putin’s announcement of military action in Ukraine caused a more than 300 points gap down opening for the domestic stock market, which was in line with the carnage seen in other Asian markets and European markets later in the day. The Nifty 50 index eventually closed lower than its opening level, ending down by 4.9 percent at 16,247.95.
Germany’s Chancellor Olaf Scholz termed Russia’s invasion as a ‘dark day for Europe’ while US President Joseph Biden said the action was ‘unprovoked’.
For retail traders, it was a nightmare.