Russia-West face off over Ukraine spooks equity markets, Sensex plummets 3%
The Hindu
Mumbai
Equity markets in India on Monday witnessed massive selling pressure, sliding 3% following global cues amid escalating tensions between Russia and the West concerning Ukraine.
The S&P BSE Sensex crashed 3% or 1,747.08 points to 56,405.84 points. The top losers in the Sensex pack were Tata Steel which slumped 5.49%, HDFC (-5.33%), SBI (-5.2%), ICICI Bank (-4.73%) and Kotak Bank which fell 4.47%. TCS was the only gainer in the 30-share index. The NSE Nifty50 index too plunged 3.06% or 531.95 points to 16,842. “The rising geopolitical tensions, soaring inflation and the possible anticipation of an aggressive move by the Fed to tame this inflation spooked our markets,” said Yesha Shah, head of Equity Research, Samco Securities.
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