Indian shares plunge 3% as Russian forces invade Ukraine

Author of the article: BENGALURU — Indian shares tumbled 3% on Thursday as investors dumped risky assets after Russian troops fired missiles at several Ukrainian cities which Kiev said was a full-scale invasion, sending oil prices higher and stoking inflation worries. The blue-chip NSE Nifty 50 index was down 3.02% at 16,548.20 by 0509 GMT…
Indian shares plunge 3% as Russian forces invade Ukraine

Author of the article:

BENGALURU — Indian shares tumbled 3% on Thursday as investors dumped risky assets after Russian troops fired missiles at several Ukrainian cities which Kiev said was a full-scale invasion, sending oil prices higher and stoking inflation worries.

The blue-chip NSE Nifty 50 index was down 3.02% at 16,548.20 by 0509 GMT and the S&P BSE Sensex was 3.07% lower at 55,477.67. Both indexes were headed for their longest losing run since March 2020, extending falls to a seventh session.

Russian forces fired missiles at several Ukrainian cities and landed troops on its south coast, after President Vladimir Putin authorized a military operation in eastern Ukraine.

“The looming risk of this crisis is no more there, it is a reality today,” said Aishvarya Dadheech, a fund manager at Ambit Asset Management in Mumbai, referring to the Russian invasion of Ukraine.

“We have seen historically that with a crisis like this, the worst possible impact would be the drive in commodity prices, which for India will be on the adverse side as it could take inflation higher.”

Nifty’s volatility index, which indicates the degree of volatility traders expect over the next 30 days in the Nifty 50, climbed to its highest since June 2020.

Oil breached $100 a barrel for the first time since 2014 as concerns grew that a war in Europe could disrupt global energy supplies.

India is the world’s third-largest importer of oil, and high global prices percolate through the economy and hurt consumers, while also widening the country’s current account deficit.

In Mumbai, Nifty’s major sub-indexes were in negative territory, with the Auto index, the public sector bank index and the energy index shedding more than 3% each.

Among individual stocks, cell tower firm Indus Towers Ltd plunged as much as 14.4%, after Britain’s Vodafone Group Plc said it was looking to sell its entire 28.1% stake in the company. (Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Fed’s Powell Looks to Balance Inflation, Ukraine Risks: Eco Week
Read More

Fed’s Powell Looks to Balance Inflation, Ukraine Risks: Eco Week

Author of the article: Bloomberg News Alister Bull and Vince Golle (Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Federal Reserve Chair Jerome Powell must strike a delicate balance before Congress in the coming week as he aims to reassure Americans the central bank will confront high inflation at…
Prospera Provides Second Status Update
Read More

Prospera Provides Second Status Update

Author of the article: CALGARY, Alberta, May 31, 2022 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“Prospera” or the “Corporation“) (PEI:TSX-V; OTC:GXRFF; FRA:OF6B) provides its second bi-weekly Status Report under National Policy 12-203 Management Cease Trade Orders (“NP 12-203“), pursuant to which Prospera issued its original default announcement indicating that the filing of its annual audited financial statements,…
Hundreds of Free Spins fall at Juicy Stakes Casino
Read More

Hundreds of Free Spins fall at Juicy Stakes Casino

Author of the article: Take a look at what’s on offer this week ST JOHN’S, Antigua — Free Spins are free fallin’ at Juicy Stakes Casino this week – and this month – with almost 400 available today to every single player. From now through to 15th August, players can help themselves to 110 Free…