Indian stocks follow spooked global markets as Ukraine crisis worsens; Sensex, Nifty tank over 2.5%

Mumbai, Feb 24 (PTI) Domestic equity gauges Sensex and Nifty crashed over 2.5 per cent in early morning deals on Thursday following massive selloffs in global share markets after Russia announced military operation in Ukraine.

Tracking developments in eastern Europe, the BSE Sensex plunged 1,461.35 or 2.55 per cent to 55,770.71; and the Nifty tanked 430.10 points or 2.52 per cent to 16,633.15. All Sensex constituents were trading with hefty losses, with Airtel, IndusInd Bank, Tech Mahindra and and SBI suffering the most dropping as much as 8 per cent.

Russian President Vladimir Putin’s announcement of starting a military operation in Ukraine sent world markets into a tizzy with shares in Asia plunging into deep red. Putin on Thursday announced a military operation in Ukraine and warned other countries that any attempt to interfere with the Russian action would lead to “consequences they have never seen.”

Brent crude oil surged to USD 100 a barrel for the first time in 8 years tracking the Ukraine-Russia crisis. Continuing their selling spree, foreign institutional investors offloaded shares worth Rs 3,417.16 crore in the Indian capital markets on Wednesday, exchange data showed.