Mumbai, March 7
Equity benchmarks received a severe drubbing on Monday, with the Sensex tumbling 1,491 points amid extremely weak global markets and elevated oil prices triggered by the Russia-Ukraine conflict.
Extending its downtrend for the fourth straight session, the 30-share BSE Sensex opened on a weak note and slumped 1,966.71 points or 3.61 per cent to 52,367.10 during the day. It finally managed to recover some of the lost ground and settled at 52,842.75, a decline of 1,491.06 points or 2.74 per cent.
Similarly, the broader NSE Nifty tanked 382.20 points or 2.35 per cent to close at 15,863.15.
“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 USD 130 per barrel which is a multi-year high level.
“Higher crude oil prices are leading to weakness in the rupee whereas relentless selling by FIIs is also causing pressure in our market,” according to Parth Nyati, 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 drags, tumbling up to 7.63 per cent.
In contrast, Bharti Airtel, HCL Technologies, Tata Steel and Infosys settled in the green.