Indian shares ended Monday’s session sharply lower and the rupee slumped, as the war in Ukraine raged on and a high-ranking Fed official made hawkish remarks on borrowing costs, saying that it is necessary to raise the interest rate by 50 basis points at least once this year.
Sentiment was hit by a jump in oil prices as the Ukraine conflict raged on with no sign of a ceasefire.
Crude prices were up around 4 percent in European trade after reports suggested the European Union will likely step up sanctions on Russia to target its lucrative energy sector.
The benchmark S&P BSE Sensex fell 571.44 points, or 0.99 percent, to settle at 57,292.49, led by losses in financials, FMCG and auto stocks. The broader NSE Nifty index finished at 17,117.60, down 169.45 points, or 0.98 percent, from its previous close.
SBI Lift, Shree Cement, Tata Consumer Products, Grasim and Britannia Industries all ended down around 3 percent while Coal India surged 3.3 percent on news that coal prices have surged in auctions held by the country’s state-run miner.
Other commodity-related stocks such as ONGC and Hindalco rose 1.1 percent and 2.2 percent, respectively.
Sensex, Nifty Tumble Amid Geopolitical Tensions
2022-03-21 10:52:52
