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, reports PTI
The Sensex was trading 1,015 points or 1.76 per cent lower at 56,668.60, and the Nifty quoted 285.40 points or 1.66 per cent 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,” VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, was quoted by PTI
The biggest macro headwind for India is crude racing to USD 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 Rs 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.
Tracking the Ukraine crisis, Brent crude futures rose 4 per cent to USD 97.35, the highest since September 2014. US stocks fell over 2 per cent on Tuesday.
(With PTI inputs)