Mumbai: In the middle of the Russia-Ukraine crisis, the Indian stock market on Monday opened with a loss of more than 1600 points. As of 10:51 am, the benchmark BSE Sensex crashed 1,622 points or 2.98 percent to 52712, while the broader NSE Nifty dived 456 points or 2.81 percent to 15,789.
Gold hit the key level of USD 2,000 per ounce as investors rushed towards safe-haven assets. Oil prices surged above the USD 130 mark to hit their highest since 2008.
Mid-and small-cap shares were trading in the negative zone as Nifty Midcap 100 index slipped 2.62 percent up and small-cap shares shed 2.41 percent.
Crude prices rose, and global stock markets plummeted as the threat of a U.S. and European oil embargo, as well as delays in Iranian talks, ignited what was shaping up to be a massive stagflationary shock for global markets. As the Russian-Ukraine crisis showed no signs of abating, commodities of all kinds were on the rise.
(SMIT SONI)
