Sensex nosedives 1,491 points amid jittery global markets, elevated oil prices


Photo source: PTI

People check Sensex updates on a screen outside the Bombay Stock Exchange (BSE) building.


  • Sensex down 1491 points in Russia-Ukraine crisis
  • Foreign institutional investors have continued to sell in the Indian market

Equity benchmarks fell sharply on Monday, with the Sensex falling 1,491 points amid extremely weak global markets and higher oil prices due to the Russia-Ukraine conflict. Extending its downward trend for the fourth session, the 30-share BSE Sensex opened on a weaker note and fell 1,966.71 points, or 3.61 per cent, to 52,367.10 during the day.

It was finally able to recover some lost ground and settled at 52,842.75, down 1,491.06 points or 2.74 percent. Similarly, the broader NSE Nifty declined by 382.20 points or 2.35 per cent to close at 15,863.15. The Indian equity market continues to move southward amid intense geopolitical tensions, with boiling crude oil prices hurting investor sentiment in India. Brent crude is trading near USD 130 per barrel, a multi-year high.

“The high price of crude oil is leading to a weakening rupee and the relentless selling of FIIs is putting pressure on our market,” said Perth Destiny, founder of Tradingo. From the 30-share pack, Indusind Bank, Axis Bank, Maruti Suzuki, Bajaj Finance, Bajaj Finserv, UltraTech Cement and Mahindra & Mahindra were the biggest drag, down 7.63 percent.

In contrast, Bharti Airtel, HCL Technologies, Tata Steel and Infosys are green. Among the BSE sectoral indices, realty, banking, finance and auto ended with a deep cut. Stock markets in Hong Kong, Shanghai and Tokyo declined significantly. European stock exchanges also traded in negative territory in the afternoon session. International oil benchmark Brent crude rose 6.08 percent to .3 125.3 a barrel.

Foreign institutional investors continued their sell-off in the Indian market as they offloaded shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data. “This week’s focus will be on the Russia-Ukraine conflict and its impact on oil prices. On the home front, investors will be watching the results of the March 10 state elections in five states,” said Mohit Nigam, head – PMS. Hem Securities.

Also read | Sensex, Nifty fall more than 2% each; Crude oil tops $ 130 per barrel

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