Sensex crashes over 1,000 points as Russia-Ukraine crisis worsens
The Hindu
All the 30 Sensex constituents were trading with significant losses.
The BSE benchmark Sensex tanked over 1,000 points and the NSE Nifty cracked below the key 17,000-level in opening deals on Tuesday, mirroring a rout in the global equity markets.
The Sensex was trading 1,015 points or 1.76% lower at 56,668.60, and the Nifty quoted 285.40 points or 1.66% lower at 16,921.25 — extending their losses to the fifth session in a row.
All the 30 Sensex constituents were trading with significant losses.
"Escalations in Ukraine tensions with Russia recognising two pro-Russian rebel regions have aggravated the crisis. The economic consequences are already visible in higher crude and gold prices," V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
The biggest macro headwind for India is crude racing to $97 a barrel, he said, adding that the inflationary consequence of this will force the RBI to abandon its dovish monetary stance.
Continuing their selling spree, foreign institutional investors sold shares worth ₹2,261.90 crore in the Indian capital market on Monday, exchange data showed.
Other Asian bourses on Tuesday followed the overnight Wall Street rout and massive selloffs in European equities triggered by the Russia-Ukraine standoff.