Indian shares opened sharply lower on Monday as oil prices soared over 5 percent in the international markets amid heightened Russia-Ukraine tensions.
Tensions escalated as Western nations unveiled harsher sanctions on Russia and Russian President Vladimir Putin put Russia’s nuclear deterrent on high alert, citing aggressive statements by leading NATO countries.
India imports about 85 percent of its crude oil requirements and is the world’s third-largest consumer of oil. Higher prices would have an adverse impact on the country’s twin deficits.
The benchmark 30-share BSE Sensex slumped 720 points, or 1.3 percent, to 55,138 in early trade, while the broader NSE Nifty index was down 206 points, or 1.2 percent, at 16,452.
Dr Reddy’s Laboratories, HDFC Bank, HDFC Life, Asian Paints and SBI Life all fell around 3 percent, while Tata Steel, BPCL, Coal India, Hindalco and Power Grid Corp rose 1-2 percent.
Bharti Airtel declined 1.5 percent after its shareholders approved the issue of preferential shares to Google for its about Rs 7,500 crore investment in the company to buy 1.28 percent stake.
Future Retail soared 9 percent after suspending most of its online and offline operations to reduce losses. According to media reports, Reliance Industries could be taking over around 500 stores operated by the company.
Sensex Plunges Over 700 Points; Nifty Nears 16,450
2022-02-28 04:27:06
