Market LIVE: Sensex 500 pts down, Nifty holds 16,500; Metals outperform

Live market updates: The key benchmark indices were slightly off their opening losses in morning trade amid rising oil prices and high market volatility on account of the Russia-Ukraine crisis. 

The was around 500 points down to 55,300 levels, while the was hovering around 16,500, lower by 136 points.

Market view: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The ‘short war’ scenario has changed a bit. Putin’s threat of putting the nuclear deterrent on high alert has caused some nervousness. The uncertainty is way too high and depending on the outcome, markets can move down or up. Commodities – metals, crude/ gas, agri-commodities- are all on uptrend. Inflation is going to be a major headwind for the Indian economy and interest rates will go up. This is market negative. Trading in this market is extremely risky. Investors may wait and watch the situation before taking some calls on market direction. Increasing the cash levels in portfolios may be considered.

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