Markets Open Lower, As Crude Oil Surges On Russia-Ukraine Tensions

After a brief relief rally on Friday, benchmark fell once again in trade with the Sensex losing 650 points, while the Nifty dropped 190 points in trade. A surge in crude prices by nearly 6% was not helping sentiments for the Indian markets. Reports that Russian President, Vladimir Putin had placed the nuclear deterrence on high alerted also impacted sentiments.

The U.S. and Western allies imposed a new round of sanctions on Russia Saturday evening that target the country's financial system, which many say would hit exports of crude and natural gas from Russia. All of this resulted in global markets trading soft, with Indian markets too falling, as the country is vulnerable to rising crude prices.

Among the stocks that dropped in trade, included names like Bharti Airtel, Tata Motors, Dr Reddy's and HDFC Bank while there were hardly any stocks that gained. In fact, Hindalco was the only stock which gained in trade.

Most analysts are expecting the stock markets to be volatile in the coming days. Investors are advised to adopt a wait and watch mode as markets are expected to be exceedingly volatile. In India, the GDP data due later today would also be closely watched, though Russia-Ukraine conflict has gained more significance at the moment than any other.

Meanwhile, back in Asia, most of the markets dropped including the Japanese Nikkei and the Hong Kong's Hang Sang.