Sensex falls over 380 points, Nifty closes at 17,092 as Russia-Ukraine tensions mount
India Today
NSE Nifty 50 index ended down 0.67 per cent at 17,092.20, while the S&P BSE Sensex fell 0.66 per cent or 382.91 points to 57,300.68.
The sensex and nifty extended their fall to a fifth straight session on Tuesday over concerns that a fresh escalation in Russia-Ukraine tensions could push oil prices higher and stoke inflation.
The blue-chip NSE Nifty 50 index ended down 0.67 per cent at 17,092.20, while the S&P BSE Sensex fell 0.66 per cent or 382.91 points to 57,300.68.
The benchmark indexes fell 2 per cent earlier in the day, with the Nifty breaking below the key 200-day moving average, a bearish technical signal, after falling below the 50-day and the 100-day moving averages this month, according to a Reuters report.
Russian President Vladimir Putin ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognising them as independent on Monday, drawing U.S. and European condemnation for acceleration of a crisis the West fears could unleash a major war, the Reuters report says.
"The situation is very fluid; if a response from the West is very swift and sharp then it will lead to further problems and rising crude prices is certainly a major headwind for India as it has inflationary consequence," said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services.
In Mumbai trading, heavyweight financial firm Bajaj Finserv BJFS.NS and automaker Mahindra and Mahindra MAHM.NS each gained more than 1 per cent, helping limit market losses.
The Nifty and the Sensex have fallen more than 1 per cent this month so far on geopolitical tensions, concerns around inflation and expected rate hikes by the U.S. Federal Reserve.
