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Oil and gas stocks tumble as Brent hits $100 mark on Russia-Ukraine crisis; IGL, RIL, Petronet fall

Among the sectors, the oil and gas index has dipped over 3 percent as crude oil hit the $100 mark since 2014 as traders feared further sanctions that could hit Russia’s crude oil export

February 24, 2022 / 10:35 AM IST
Stock Market Crash, Indian Stock Market

Stock Market Crash, Indian Stock Market

Stock markets across the world are feeling the heat as Russian President Vladimir Putin announced military operation in Ukraine to defend separatists in the east of the country. He also vowed retaliation against those who interfere with Russian Ukraine operation.

The Indian stock market following global peers has tumbled over 3 percent with Sensex crashing 1,878.75 points or 3.28 percent at 55353.31, and the Nifty tumbling 550.60 points or 3.23 percent at 16,512.70.

Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, is of the view that the global markets are literally swaying on news flows with respect to Russia–Ukraine and since the volatility is on the higher side, it has become a nightmare for momentum traders. In such kind of geopolitical concerns, no analysis works better, and hence, we continue to advise staying light till the time the global uncertainty subsides.

"Meanwhile, one can keep a close watch on the crucial support zone of 17,000 - 16,800, whereas on the flip side, the cluster of resistances is visible at 17,200 - 17,350 - 17,500," he added.