The BSE benchmark Sensex tanked over 1,000 points and the NSE Nifty cracked below the key 17,000-level in opening deals on Tuesday, mirroring a rout in the global equity markets.
The Sensex was trading 1,015 points or 1.76 per cent lower at 56,668.60, and the Nifty quoted 285.4 points or 1.66 per cent lower at 16,921.25 – extending their losses to the fifth session in a row.All 30 Sensex constituents were trading with significant losses.”Escalations in Ukraine tensions with Russia recognising two pro-Russian rebel regions have aggravated the crisis. The economic consequences are already visible in higher crude and gold prices,” VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.The biggest macro headwind for India is crude racing to USD 97 a barrel, he said, adding that the inflationary consequence of this would force the RBI to abandon its dovish monetary stance.Continuing their selling spree, foreign institutional investors sold shares worth Rs 2,261.9 crore in the Indian capital market on Monday, exchange data showed.Other Asian bourses on Tuesday followed the overnight Wall Street rout and massive selloffs in European equities triggered by the Russia-Ukraine standoff.In a sign of aggravating geopolitical crisis in the eastern Europe, Russian President Vladimir Putin has recognised the independence of separatist regions in eastern Ukraine.
