The Indian equities markets key indices, Sensex and Nifty, crashed by nearly 3 per cent on Thursday as oil prices soared above $100 a barrel-mark for the first time in eight years after Russian troops launched their attacks on Ukraine.
The benchmark Sensex was trading 1707.25 points or 2.98 per cent down at 55,565.96 points at noon against its previous day's close at 57,232.06 points..
Tracking the weakness in the global equities markets, the Sensex started the day deep in the red at 55,418.45 points. The Sensex slumped to a low of 55,147.73 points in the morning trade.
The broader Nifty 50 of the National Stock Exchange crashed 500.90 points or 2.94 per cent to 16,562.35 points against its previous day's close at 17,063.25 points.
The Nifty started the day with a massive loss at 16,548.90 points and slumped to a low of 16,453.65 points in the morning trade.
Stock markets are bleeding across the world after Russia attacked several sites in Ukraine's capital city Kyiv. Keeping aside the international condemnation and sanctions, Russian President Vladimir Putin has ordered military operations in Ukraine.
Oil prices soared past the $100 per barrel mark for the first time since 2014. This is expected to have huge implications for India's economic growth.
Finance Minister Nirmala Sitharaman said earlier this week that the Ukraine-Russia crisis and high oil prices pose threat to India's financial stability.
There was across the board selling pressure in the Indian equities markets. All the 30 stocks that are part of the benchmark Sensex were trading with huge losses.
IndusInd Bank crashed 6.31 per cent to Rs 890.75. Mahindra & Mahindra slumped 4.71 per cent to Rs 809.75. Asian Paints tumbled 4.54 per cent to Rs 3092.50. HCL Technologies crashed 3.89 per cent to Rs 1107.65.
The smallcap and midcap indices suffered even bigger loss. The National Stock Exchange's Nifty Smallcap 50 crashed 4.43 per cent. Nifty Smallcap 100 tumbled 4.20 per cent. Nifty Midcap 50 crashed 4.26 per cent.
( With inputs from ANI )
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