Bears Tighten Grip: Sensex Plunges Over 1,700 Pts, Bank & Financial Stocks Bleed

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Bears Tighten Grip: Sensex Plunges Over 1,700 Pts, Bank & Financial Stocks Bleed

By Malvika Gurung -- The aggravated Russia-Ukraine crisis has sent the oil prices flying to 14-year highs, surging over 10% on Monday and nearing the $140/barrel mark, as the Iran crude’s return to global markets got delayed and comments of the US and European nations mulling to ban Russian oil imports.

The soaring oil prices and multiple sanctions on Moscow are not only causing severe economic disruptions to the Russian economy but also to the global economy, with rising inflation pressure and concerns of the oil slump, especially for emerging markets like India, as it imports over 80% of its oil. 

Asian stocks slumped up to 4% on Monday and tracking negative global cues, the Indian benchmark equity indices opened lower. At 2:20 pm, Nifty 50 lost 2.91% and Sensex plunged 1,756.9 points or 3.23%.

Investors on Dalal Street lost Rs 5.9 lakh crore of their wealth in the morning session today, and in only 24 sessions, investors have lost wealth worth Rs 29 lakh crore, compounded by the Russia-Ukraine crisis.

At the time of writing, all sectoral indices on the Nifty basket, except Nifty Metal sank deeply in red, led by Nifty Realty , tanking 6.15%.

Nifty Bank plummeted 5.33% and Nifty Auto plunged 4.8%.

Analysts believe that rapidly elevating oil prices could push the domestic fuel prices soon too, maybe post the election results this week. 

On the Nifty 50 index, 82% of listed stocks were trading in red, led by IndusInd Bank (NS: INBK ) almost 8% down and Axis Bank (NS: AXBK ), tanking 7.2%.

On the 30-scrip index Sensex, only 4 stocks were trading in red, led by Bharti Airtel (NS: BRTI ), up 3.3%.

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