Sensex Tanks Over 2,700 Pts In Line With Global Meltdown As Russia Invades Ukraine

Equity benchmark Sensex crashed over 2,700 points on Thursday following a severe sell-off in global markets after Russia launched a military offensive against Ukraine.

The 30-share BSE gauge plunged about 2,850 points during the session before closing at 54,529.91, registering a massive fall of 2,702.15 points or 4.72 per cent.

Likewise, the NSE barometer Nifty nosedived 815.30 points or 4.78 per cent to end at 16,247.95.

This was also the seventh straight session of decline for both the indices.

On the Sensex chart, all 30 shares suffered heavy losses, with IndusInd Bank, M&M and Bajaj Finance shedding as much as 8 per cent.

Russian troops launched wide-ranging military attacks on Ukraine on Thursday after Moscow cast aside international sanctions and warned other countries that any attempt to interfere would lead to "consequences you have never seen".

Globally, stocks plunged and oil prices surged by more than USD 5 per barrel amid intensifying Ukraine crisis, which experts believe may roil the global economy.

Market benchmarks in Europe and Asia fell by as much as 4 per cent.

Brent crude oil jumped above USD 100 per barrel for the first time since 2014 on unease about possible disruption of supplies from Russia.

"Ukraine is under attack from Russian forces. The threat of severe sanctions on Moscow is now at its highest level, sending equity markets tumbling globally. Sentiment is driving market direction, which will lead to a large sell-off ," said Leonardo Pellandini, Equity Strategy, Julius Baer.

Continuing their selling spree, foreign institutional investors offloaded shares worth Rs 3,417.16 crore in the Indian capital markets on Wednesday, exchange data showed.

Rupee Plummets 102 Paise To Close At 75.63/USD Amid Ukraine Crisis

The rupee tanked 102 paise to close at 75.63 (provisional) against the US currency on Thursday as riskier assets took a hit after Russia launched military operations against Ukraine.

Forex traders said sustained foreign fund outflows, heavy selling in domestic equities and elevated crude oil prices weighed on investor sentiment.

At the interbank foreign exchange market, the rupee opened at 75.02 against the American dollar but later dropped to a low of 75.75 against the greenback.

The local unit finally finished at 75.63, down 102 paise from the previous close.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.74 per cent higher at 96.90.

Global oil benchmark Brent crude futures jumped 8.36 per cent to USD 104.94 per barrel.

"Rupee became the worst performing currency among Asian currencies on back of month-end dollar demand from oil importers. Also, safe-haven dollar demand has surged after Russia attacks on Ukraine fuelled sell-off in risk assets," said Dilip Parmar, Research Analyst, HDFC Securities.

Brent Crude oil prices surged past the USD 100-a-barrel mark amid geopolitical worries which worsened sentiments for rupee.

"Spot USD-INR took support at 74.30, the 200 days simple moving average and now heads for a month high of 75.72," Parmar said.

On the domestic equity market front, the 30-share Sensex ended 2702.15 points or 4.72 per cent lower at 54,529.91, while the broader NSE Nifty plunged 815.30 points or 4.78 per cent to 16,247.95.

Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,417.16 crore, as per stock exchange data.