Indian benchmark indices opened gap-down on Monday with Nifty around 17,000 on the back of weak global cues. At 09:16 IST, the Sensex was down 1,197.86 points or 2.06 per cent at 56955.06, and the Nifty was down 348.00 points or 2.00 per cent at 17026.80. About 463 shares have advanced, 1989 shares declined, and 100 shares are unchanged.
Global Cues
US stocks dropped on Friday on rising concerns over escalating Ukraine-Russia tensions and the prospect of a tightened interest rate hike timeline from the US Federal Reserve in response to decades-high inflation. The Dow Jones Industrial Average ended down 503.53 points, or 1.43 per cent, at 34,738.06; the S&P 500 lost 85.44 points, or 1.90%, at 4,418.64; and the Nasdaq Composite dropped 394.49 points, or 2.78%, to 13,791.15.
Asian shares slipped on Monday as warnings Russia could invade Ukraine at any time sent oil prices to seven-year peaks, boosted bonds and belted the euro. The United States on Sunday said Russia might create a surprise pretext for an attack, as it reaffirmed a pledge to defend “every inch” of NATO territory. The cautious mood saw MSCI’s broadest index of Asia-Pacific shares outside Japan drop 0.2%, while Japan’s Nikkei lost 2.1%.
Oil prices hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger sanctions that would disrupt exports from the world’s top producer in an already tight market. Brent crude futures was at $95.56 a barrel, up $1.12, or 1.2%, after earlier hitting a peak of $96.16, the highest since October 2014. US WTI crude rose $1.28, or 1.4%, to $94.38 a barrel, hovering near a session- high of $94.94, the loftiest since September 2014.
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