Equity benchmark Sensex tumbled over 1,600 points to trade below 52,700 on Monday morning, tracking a weak trend in global equities amid rising tensions between Russia and Ukraine. Similarly, the broader NSE Nifty was trading below 15,800, down over 440 points.
Nifty Auto and Nifty Bank were the major drags. While Nifty Auto was trading down over 4.50 per cent from its previous close, Nifty Bank was trading below 33,000, down over 1,500 points or 4.36 per cent.
From the 30-share pack, Maruti Suzuki, Mahindra & Mahindra, Larsen & Toubro and ICICI Bank were the biggest losers, up up to 6.3 per cent.
In the previous trade, the BSE 30-share benchmark had closed at 54,333.81 with a fall of 768.87 points, or 1.40 per cent. The NSE Nifty closed at 16,245.35, down 252.70 points or 1.53 per cent.
Borrowers in Hong Kong, Shanghai and Tokyo were trading lower in mid-session deals. Stock exchanges in the US closed in the negative zone on Friday.
Meanwhile, international oil benchmark Brent crude rose 8.84 per cent to $128.6 per barrel.
Foreign institutional investors continued their sell-off in the Indian markets and sold shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data.
According to PMS chief Mohit Nigam, “This week’s focus will be on the Russia-Ukraine conflict and its impact on oil prices. On the domestic front, investors will see the results of the state elections to be held in five states on March 10.” , Hem Securities.