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Indian stock benchmarks Sensex and Nifty logged their worst performance on Monday, 7 March, since Russia’s invasion of Ukraine, with both closing at a seven-month low.
While Sensex shed 1,491.06 points to 53,842.75 – the first time below 53,000 in seven months – Nifty crashed nearly 400 points to 15,863.15. This is also the first time Nifty closed below 16,000 in seven months.
The Indian rupee also hit its lowest against the US dollar amid the surging oil prices. The rupee opened at 76.94 against the US dollar compared to it closing at 76.17 on 4 March.
Oil prices soared just shy of $140 a barrel after the White House announced that it is considering an embargo on Russian supplies. The rising trend of oil prices is expected to trigger an inflationary trend and ultimately a reversal in monetary policy stand.
Besides, the spike in oil prices has accelerated FIIs selling in the Indian equity market. Consequently, at 10 am, Sensex was 2.79 percent or 1,515.98 points down at 52,817.83 points from its previous close.
(With inputs from IANS.)
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