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The Stock, bond, and commodity markets around the world have been rattled after Russia declared war on Ukraine sending stocks tumbling and crude oil prices surging. Indian stock market’s benchmark indices, Nifty 50 and Sensex slipped around 3 percent each, hitting their lowest levels since December 2021. At 11 30 AM today, the Nifty-50 index slipped below the 16,500 mark and BSE-Sensex was 2000 points lower around 55,300 levels. Among sectors, real estate, metals, state-owned banks, and media stocks were the worst hit followed by banks and information technology scrips.
Brent crude futures topped the $100 a barrel mark, fearing disruption of Russian energy exports. India imports more than 80% of its oil requirements and higher crude oil prices could widen the Current Account Deficit.
On the global front, USA’s S&P 500 index was down 2.3% and Nasdaq futures fell 2.8% confirming it is in a bear market. Euro Stoxx 50 futures and German DAX futures were down more than 3.5% in early deals along with global risk assets. |
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