Sensex plunges 1,491 points amid elevated oil prices; Nifty ends below 15,900 - Times of India

Sensex plunges 1,491 points amid elevated oil prices; Nifty ends below 15,900 – Times of India


NEW DELHI: Equity indices plunged for fourth straight session on Monday as soaring crude oil prices amid escalating Russia-Ukraine conflict.
The 30-share BSE index crashed 1,491 points or 2.74 per cent to close at 52,843, while the broader NSE Nifty settled 382 points or 2.35 per cent lower at 15,863.
IndusInd Bank, Axis Bank, Maruti, Bajaj Finance, Bajaj Finserv and M&M were the top losers in the sensex pack falling as much as 7.63 per cent.
Whereas, Bharti Airtel, HCL Tech, Tata Steel and Infosys were the only stocks that finished in green.
On the NSE platform, sub-indices Nifty Realty, PSU Bank, Financial Services and Bank fell up to 5.47 per cent.
“The southward journey is continued in the Indian equity market on the back of intense geopolitical tension where boiling crude oil prices is spooking the investors’ sentiment in India. Brent crude is trading near $130 per barrel which is a multi-year high level,” Parth Nyati, founder of Tradingo told news agency PTI.
Oil prices soared to their highest since 2008 on Monday, after the US and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude to global markets increased supply fears.
India imports over two-thirds of its oil requirements, and higher prices push up the country’s trade and current account deficit while also hurting the rupee and fuelling imported inflation.
“Perception that a lot of foreign investors will have is emerging markets like India carry an additional risk factor in terms of all these macro dynamics playing out and, as a safety measure, there is a move towards the dollar,” Mayuresh Joshi, head of equity research at William O’Neil & Co, India told news agency Reuters.
Meanwhile, rupee tanked 84 paise to close at its lifetime low of 77.01 (provisional) against the US dollar as intensifying geopolitical risks.
Besides, sustained foreign fund outflows and a lacklustre trend in domestic equities also weighed on investor sentiment.
Foreign institutional investors (FIIs) continued their selling spree in Indian markets as they offloaded shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data.
(With inputs from agencies)


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