IMPACT OF RUSSIA-UKRAINE WAR ON INDIAN STOCK MARKET - AN EVENT STUDY WITH REFERENCE TO NIFTY 50

The Russia-Ukraine conflict is a major blow to the global economy as financial backlash unleashed not only in Russia and Ukraine but also in the rest of the world. Both the countries, being prominent international players constitute a major part in global trade especially in the export of wheat, crude oil, raw material for industries and so on. The world market was hit massively on account of invasion of Ukraine by Russia on 24 February 2022, from when the stock markets tanked even in India. This paper is an attempt to understand and analyses the effects of the Russia-Ukraine conflict on Indian stock market by taking Nifty-50 index as the base. The Event Study methodology is used in this study, considering the changes in Nifty-50 indices for an event period of 16 days (8 days of estimation period+8 days of observation period) from 8th February 2022 to 4th March 2022. The index values thus obtained and analyzed elucidated that there has been a significant impact of Russia-Ukraine war on Nifty-50 in particular and Indian stock market in general.