Sensex tumbles 383 points on escalating Russia-Ukraine tensions | Markets News

Mumbai: Sensex BSE margin fell by 383 points to close to 57,300 level on Tuesday, trailing major stock sales in global markets.

After sinking about 1,300 points in initial trades, Sensex performed a sharp recovery level but also finished 382.91 points or 0.66 for a drop at 57,300.68.

NSE Nifty even took part of its early losses before closing 114.45 points or 0.67 for a drop at 17,092.20.

On the chart Sensex, Tata Steel, TCS and SBI fell the most, losing as much as 3.64 per cent. Of the 30 Sensex areas, 20 are closed in red.

“Developments in Ukraine tensions with Russia that recognize the two pro-Russian rebel zones have exacerbated the problem. Economic consequences are already evident in higher prices and gold prices,” said VK Vijayakumar, Chief Investment Officer. Investment in Geojit Business Services, says.

The biggest macro wind for India is a crude race to USD 97 per barrel, he said adding that the additional result of this will force the RBI to decline its dovish trading position.

Continuing their sell-off, foreign company investors sold shares worth Rs 2,261.90 crore in the Indian capital market on Monday, exchange data showed.

Other Asian loans on Tuesday followed the return of Wall Street and major stock markets in European equities triggered by the Russia-Ukraine standoff.

In a sign of a devastating geopolitical crisis in eastern Europe, Russian President Vladimir Putin has recognized the independence of separatist territories in eastern Ukraine.

Putin’s announcement came after a meeting of the Security Council and paved the way for Russia to send troops and weapons to a long-running conflict fighting Ukrainian forces against Moscow-backed rebels.

Meanwhile, India has also expressed deep concern over the escalation of tensions along the Russia-Ukraine border saying the developments have the potential to undermine regional peace and security.

Following the Ukraine crisis, crude Brent futures rose 4 per cent to USD 97.35, the highest since September 2014.

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