New Delhi: The Indian equity indices plunged sharply on Thursday as Russia took out military operations in two of Ukraine’s eastern regions, which dragged the Sensex by over 2,000 points.
As of 1:29 pm, the benchmark BSE Sensex tanked 2,005 points or 3.50 per cent to 55,270; while the broader NSE Nifty moved 614 points or 3.52 per cent down to 16,448.
This came as an aftermath of shrugging of sanctions by Russian President Vladimir Putin, whose government recognised the independence of two eastern Ukrainain regions earlier this week, took note of ‘a plea to Moscow’ for help to stop alleged Ukrainian aggression. Further, the Russian President authorised a military operation, which some agencies suggested could be the start of war in Europe over Russia’s demands for an end to NATO’s eastward expansion. Putin, however, insisted Russia does not plan to occupy Ukraine.
BSE Sensex crashed over 2,000 points and NSE Nifty also tumbled over 500 points. Investors lost over Rs 7.5 lakh crore within minutes of market opening. The market cap of BSE-listed firms fell by Rs 7.59 lakh crore after investor wealth declined to Rs 248.09 lakh crore against Rs 255.68 lakh crore in the previous session.
Tech Mahindra, TCS, Wipro, HCL Tech, HDFC, SBI, Mahindra & Mahindra, Bajaj Finserv, HDFC Bank, Infosys, Axis Bank, Bajaj Finance, Maruti, Dr Reddy’s, Hindustan Unilever and ITC fell up to 3 per cent. Where as shares of Power Grid, Reliance industry, Asian paints, Kotak Bank, Titan, Nestlé, Sun Pharma, and NTPVC declined 1per cent.
The Indian market crashed more than 2.5 per cent after Russia announced military action against Ukraine. All the global indices plunged sharply as investors turned cautious after the Russian president action and shifting the money flow from risker assets to safe heaven like Gold, Silver & Crude oil.