Russia-Ukraine tensions affecting the Indian stock market adversely
Mumbai, March 2: The Indian stock markets benchmark index Sensex slumped 778 points and crude oil price soared to USD 113 a barrel on Wednesday as Russia intensified bombardments in Ukrainian cities.
Also Read: Russia-Ukraine Talks: First round of ceasefire negotiations inconclusive, fighting escalates
The 30 stock S&P BSE Sensex closed 778.38 points or 1.38 per cent down at 55,468.90 points against its previous session's close at 56,247.28 points. The Sensex tumbled by over 1200 points hitting a low of 55,020.10 points in the intra-day. The index pared part of the losses due to buying support in the last hour of the trade. The index touched a high of 55,755.09 points in the intra-day.
The broader Nifty 50 of the National Stock Exchange closed 187.95 points or 1.12 per cent down at 16,605.95 points. The Nifty dipped to a low of 16,478.65 points in the intra-day.
Brent crude oil price surged to USD 113.02 per barrel in London. Brent crude, also known as London Brent, makes up more than half of the world's globally traded supply of crude oil. West Texas Intermediate (WTI) crude oil price jumped to USD 111.50 a barrel.
Crude oil prices have spiraled in the last one week after Russian President Vladimir Putin ordered a military operation in Ukraine.
The tensions between Russia and Ukraine are escalating with each passing day. Russia has continued bombardments of Ukrainian cities. Western countries, led by the United States, have tightened sanctions on Russia.
There was heavy selling pressure in auto and banking stocks. Maruti Suzuki tumbled 6.00 per cent to Rs 7813.85. Dr Reddy's Laboratories dipped 5.14 per cent to Rs 3854.15. Asian Paints slumped 4.53 per cent to Rs 3028.80.
Major banking and financial stocks tumbled. ICICI Bank slumped 3.74 per cent to Rs 714.70. HDFC slipped 3.70 per cent to Rs 2277.45. HDFC Bank tumbled 3.66 per cent to Rs 1374.55. State Bank of India slipped 1.84 per cent to Rs 474.40.
Also Read | Why Russia doesn’t want Ukraine want to join NATO | All you need to know
However, metal and energy stocks rallied. Tata Steel surged 5.54 per cent to Rs 1288.50. The index heavyweight Reliance Industries rose 1.67 per cent to Rs 2398.40. Power Grid Corporation closed 0.79 per cent higher at Rs 210.85.
-PTC News
