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Below is the Daily Market Commentary 24 February 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Equities witnessed a free fall with markets around the globe down more than 5%, while Russian markets were down more than ~30% as Russia invaded Ukraine after weeks of conflict. Nifty saw a steep fall of 800 points as sentiments soured over intense military assault by Russia. Sellers outpaced buyers as volatility intensified on the day of monthly FNO expiry. India VIX soared to 32 levels up 31%. Nifty breached its crucial levels of 16,400 mark and closed near day's low level with loss of 815 points (-5%) at 16,248 levels, its worst day since pandemic in March 2020. Broader market too nosedived by more than 6%. All the sectorial indices were in red with majority of the sectors down almost 5-8%.

Oil surged above $100/barrel first time in seven years on the fear of disruption in supply. Gold prices also rose sharply as investors sought to safe haven amid volatility.

Sentiments took a hit with Nifty now down by 13% from its high of 18604. Markets are likely to remain under pressure given the escalation of Russia Ukraine conflict into a war like situation. Any reaction from NATO / US armies is only going to worsen the situation further. Advice trades to remain with negative bias while investors need to keep calm and patience to tide over the current situation.

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