Russia-Ukraine war spooks D-Street: Sensex tanks 2,700 points, Nifty plunges
India Today
The domestic stock market was the worst performer in Asia on Thursday and clocked its worst losing streak since March 2020, with seven straight sessions of losses
The share market tanked over four per cent and the rupee suffered its worst session in more than 10 months on Thursday, after Russia's invasion of Ukraine sent oil prices soaring and fanned inflation fears.
Heavy losses across sectors drove the blue-chip NSE Nifty 50 index 4.78 per cent lower to 16,247.95, while the S&P BSE Sensex slid 4.72 per cent or 2,702.15 points to 54,529.91. Both indexes marked their worst session since May 2020 when the pandemic had roiled markets.
The domestic stock market was the worst performer in Asia on Thursday and clocked its worst losing streak since March 2020, with seven straight sessions of losses, Reuters reported.
The rupee weakened 1.5 per cent to 75.65 against the dollar, compared with Wednesday's close of 74.555.
"The looming risk of this (Ukraine) crisis is no more there, it is a reality today," said Aishvarya Dadheech, a fund manager at Ambit Asset Management, adding that a rise in commodity prices and inflation could adversely impact the country, according to a Reuters report.
"High crude prices could delay the cool-off in inflation, which was expected to go moderate by the second half of 2022," said Naveen Kulkarni, chief investment officer at Axis Securities, adding that the volatility will stay for some time.
Oil prices breached $100 a barrel for the first time since 2014, raising fears of heightened inflation and wider current account deficit in the world's third-largest importer of oil.
