Indian shares fell heavily on Monday amid a global sell-off as inflation worries mounted amid an escalating conflict between Russia and Ukraine.
Crude surged to almost $140 a barrel overnight and other key Russian exports like nickel and palladium also jumped against a backdrop of continued escalation of military conflict in Ukraine, raising worries of higher global inflation.
The benchmark 30-share S&P BSE Sensex plunged 1,491.06 points or 2.74 percent to close at 52,842.75, while the broader NSE Nifty index ended down 382.20 points, or 2.35 percent, at 15,863.15. Equity investors’ wealth, reflected in the total market cap of BSE-listed firms, fell by Rs 5.43 lakh crore.
Financials, auto and FMCG firms led losses, with Bajaj FinServ, Britannia Industries, Axis Bank, Maruti Suzuki India and IndusInd Bank losing 6-8 percent.
ONGC soared as much as 13.2 percent on expectations it would benefit from higher crude prices.
Brent crude futures for May delivery were up 5.6 percent at $124.72 a barrel in European trade, after having surged over 10 percent to $130.89 earlier amid continuing supply concerns.
Brent crude, also known as London Brent, makes up more than half of the world’s globally traded supply of crude oil.
The rupee tanked 84 paise to close at its lifetime low of 77.01 (provisional) against the greenback.
Sensex Slumps 1,491 Points; Nifty Dips Below 15,900
2022-03-07 11:17:55
