Sensex fell roughly 870 points, falling below the 55,000-point mark on Monday, reflecting negative global sentiments over the deepening Russia-Ukraine crisis.
In early trade, the 30-share BSE Sensex was down 869.33 points, or 1.56%, at 54,989.19, while the NSE Nifty was down 233.80 points, or 1.40%, at 16,424.60.
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With the exception of PowerGrid, Tata Steel, and Sun Pharma, all Sensex stocks were trading in the negative.
The 30-share BSE Sensex rose 1,328.61 points, or 2.44%, to 55,858.52 on Friday, snapping a seven-day losing skid. Similarly, the broader NSE Nifty rose 410.45 points, or 2.53%, to 16,658.40.
The Sensex had fallen 1,974 points, or 3.41%, in a week, while the Nifty had down 618 points, or 3.57%.
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The broader indices were trading in red with the BSE Midcap index losing 0.93%, while the Small cap index was down by 0.84%. The few gaining sectoral indices on the BSE were Metal up by 0.99%, Utilities up by 0.05%, PSU up by 0.03%, while Bankex down by 1.74%, Telecom down by 1.48%, FMCG down by 1.42%, Auto down by 1.38%, Consumer discretionary down by 1.38% were the top losing indices on BSE.
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Meanwhile, in a dramatic escalation of tensions in eastern Europe, Russian President Vladimir Putin ordered his nuclear weapons to remain on high alert in reaction to what he called “aggressive statements” by NATO’s key nations about the Ukraine conflict.
Concerned by the Ukraine situation, foreign institutional investors sold shares worth Rs 4,470.70 crore in Indian capital markets on Friday, according to exchange data.
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In the afternoon session on Monday, Asian markets were largely down, mirroring the deepening geopolitical turmoil in eastern Europe.
Oil prices, which have been climbing since Russia’s invasion of Ukraine, jumped again on Monday as supply problems loomed. Brent crude futures were up more than 5% at USD 99.61 a barrel. In early trade, the rupee falls 40 paise to 75.73 against the US dollar.