Mayhem Across Global Markets On Ukraine-Russia Tensions, Sensex Dives 1750 Points

It was a sea of red across the global markets as worries over Russian invasion of Ukraine sparked alarm bells across global markets. Asian markets dropped sharply, while European markets were deep in the red. The Sensex ended the day lower by a whopping 1,750 points, while the Nifty dived 532 points in trade.

Across Europe the per centage point drop was even worse as there were worries Russian invasion of Ukraine would impact the entire globe, as oil prices could rise. In fact, investors remained worried that mounting oil prices would stoke inflation and eventually reduce global growth. The German DAX was down more than 3.66, while the French CAC was down 3.43%. The Japanese Nikkei ended the day with cuts of more than 2%.

"Indian markets opened in red tracking global cues as investors monitor heightened geopolitical risks in eastern Europe amid Ukraine crisis. During the afternoon session markets further fell as the geopolitical breakdown in eastern Europe also had a bearing on oil prices which is seen further adding to the already high inflation globally and has potential to jeopardize economic recovery," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers.

Leading the set of losers were heavyweight stocks like ICICI Bank and HDFC. In fact, both the stocks plunged as much as 5% each, something that we do not see often in stocks like ICICI Bank and HDFC.
Stocks from the metal space were the hardest hit, with JSW Steel and Tata Steel amongst the big losers. The only stock that climbed from the Nifty space was TCS.

In the broader markets stocks like Metropolis Heathcare, HLE Glascoat, Jain Irrigation, Thyrocare Technologies, Ramco Systems and TV18 Broadcast saw big losses.

Analysts are advising caution as there could be further downside risks in the market. If the event risk, the Russian invasion of Ukraine does happen it could lead to a surge in crude prices, which is not good for India. Crude oil prices have now surged to a new recent high of $94 a barrel.