The Sensex and Nifty sank for the fifth consecutive session on Tuesday, tracking negative global trends as simmering tensions between Russia and Ukraine kept investors on the sidelines.

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The 30-share BSE Sensex began lower and down 432.36 points, or 0.81%, to 52,410.39 as oil prices rose and foreign institutional investors continued to sell. Similarly, the NSE Nifty fell 115.75 points, or 0.72%, to 15,747.40 in early trade.

The Sensex closed Monday at 52,842.75, down 1,491.06 points or 2.74%, while the Nifty down 382.20 points or 2.35% to 15,863.15.

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Maruti Suzuki India, Tata Steel, HDFC Bank, Axis Bank, and Asian Paints were the main laggards in the 30-share pack, sliding up to 2.13%. Power Grid Corporation of India, NTPC, TCS, and Tech Mahindra, on the other hand, were among the gainers.

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“The whole global market closed in the red on Monday, including the Indian market, which sank dramatically down and lost about 2 per cent, following a persistent rise in petroleum and feeble global cues. Markets have been rocked by a sharp increase in crude oil prices, as investors fear more penalties against Russia,” said Mohit Nigam, Head – PMS, Hem Securities.

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In mid-session trades, bourses in Hong Kong, Shanghai, and Tokyo were trading down. Stock markets in the United States closed in the red on Monday, with steep drops.

“US equities tumbled as investors continued to sell off stocks and stockpile safe-haven assets as concerns over the economic consequences of Russia’s war in Ukraine intensified. The Dow Jones fell 2.4 per cent, while the S&P 500 lost 2.95 per cent. The tech-heavy Nasdaq slumped 3.6 per cent,” according to Mitul Shah, Head of Research at Reliance Securities.

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According to exchange statistics, foreign institutional investors maintained their selling binge in Indian markets on Monday, offloading shares worth Rs 7,482.08 crore on a net basis.

Meanwhile, the international oil benchmark Brent crude rose 2.5% to USD 126.1 per barrel. In early trade, the rupee falls 9 paise to 77.02 against the US dollar.