The two indices of the Indian stock markets, the Sensex and Nifty, fell nearly 3.5 percent on Thursday as oil prices climbed above USD 100 a barrel for the first time in eight years following Russian forces' attacks on Ukraine.
The benchmark Sensex was trading 1985.18 points, or 3.47 percent, lower at 55,246.88 points at 12:55 p.m., compared to its previous day's finish of 57,232.06 points. The Sensex opened the day in the red at 55,418.45 points, reflecting the downturn in global equity markets. In early trade, the Sensex fell to a low of 55,147.73 points.
The Nifty 50 index of the National Stock Exchange fell 601.45 points, or 3.52 percent, to 16,491.80 points, down from 17,063.25 points the day before.The Nifty began the day with a big loss of 16,548.90 points and fell to a low of 16,453.65 points in morning session.
Following Russia's strike on various sites in Ukraine's capital city of Kyiv, stock markets throughout the world are bleeding. Russian President Vladimir Putin has ordered military actions in Ukraine, despite international censure and sanctions.
For the first time since 2014, oil prices surpassed USD100 per barrel. This is projected to have a significant impact on India's economic development. The Ukraine-Russia situation, as well as high oil prices, are threatening India's financial stability, according to Finance Minister Nirmala Sitharaman.
In the Indian stock markets, there was widespread selling pressure. The 30 equities that make up the benchmark Sensex were all trading at a loss.
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