Indian shares plunged on Thursday and the rupee saw its worst drop in over three months as rising geopolitical tensions and climbing oil prices stoked inflation-related concerns.
Investors fled towards safe-haven assets and Brent prices finally surged above $100 per barrel for the first time in last seven years as Russian President Vladimir Putin announced a military operation in Ukraine, triggering serious concerns over the possibility of a full-scale military war.
The benchmark 30-share BSE Sensex ended down 2,702.15 points, or 4.72 percent, at 54,529.91, with all sector indexes ending in the red. The broader NSE Nifty index slumped 815.30 points, or 4.78 percent, to finish at 16,247.95.
Both indexes logged their seventh straight day of losses as the deepening crisis in Europe added to uncertainty over Fed policy tightening. The rupee plummeted 109 paise to close at 75.70 (provisional) amid relentless FII selling.
Tata Motors led losses to end down nearly 11 percent in the Nifty pack, while JSW Steel, Grasim, UPL and IndusInd Bank lost 7-8 percent.
Sensex, Nifty Sank Amid Global Selloff
2022-02-24 11:10:52
