By Malvika Gurung
Investing.com -- Indian equity benchmark indices ended a volatile session lower, after returning from a long weekend on Monday, snapping its last week’s rally, as the Russia-Ukraine disturbances elevated oil prices, exerting inflationary pressures on investors.
Fears looming around a potential default on sovereign debt by Russia added caution to the investors’ mood on Monday, with FMCG, financial, auto and bank stocks pulling the domestic market down.
The Russia-Ukraine crisis depicted no significant signs of improving, and a potential ban on oil import from Russia to Europe drove oil prices higher, with the Brent crude surging past $110/barrel in the session.
Rising oil prices led to a sell-off on Dalal Street due to fears of inflationary pressures. According to Religare Broking, the markets are at present ‘dancing to the global tunes’ and this is likely to continue in the near term.
On the sectoral front, only three out of 11 indices under the Nifty basket ended in green, led by Nifty Metal surging 1.5%, while Nifty FMCG slumped the most, declining 1.72% and Nifty Auto sliding 1.21%.
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