Ukraine: Bloodbath on bourses, Sensex down by 2,700 points, Nifty loses 815
New Delhi: Markets crashed and crude prices soared on Thursday after Russia’s invasion of Ukraine, and uncertainties panicked investors and businesses across the world, while Indian equities plummeted as benchmarks dropped as much as 5 percent.
However, commodities markets surged with Brent oil extending gains above USD 100 a barrel for the first time since 2014, as gold prices soared with investors scrambling for fresh avenues to park their wealth.
Russian President Vladimir Putin’s order to launch an attack on Ukraine as the beginning of a military operation to “demilitarize” the country sparked global condemnation. The US threatened further “severe sanctions” on Moscow, which sent world markets tumbling. The US, European Union, and the UK may announce a “second tranche” of stricter sanctions against Russia while Ukraine has cut ties with Moscow, the media reported.
In India, the frontline S&P BSE Sensex settled near the day’s low level at 54,530, down 2,702 points, while the Nifty50 on NSE dropped 815 points to an end at 16,248.
All 50 counters on the broader NSE index slipped deep in the red, with major companies’ stocks crashing between 6 and 11 percent.
Overseas, European stocks plunged 3 percent as investors dumped riskier assets. The pan-European STOXX 600 index fell 2.9 percent, hitting its lowest since May 2021 while marking a correction or 10 percent decline from its January record high.
The German DAX fell 3.7 percent to March 2021 lows, bearing the biggest brunt of the sell-off on fears over Europe’s largest economy’s heavy reliance on Russian energy supplies.
In the US, Dow futures fell 655 points, or 1.98 percent, while futures tied to the S&P 500 were down 1.99 percent. Nasdaq 100 futures declined 2.65 percent, the reports added.
(VP)
