Sensex Crashes 1,491 Points, Nifty Settles Below 15,900 Amid Ukraine Crisis

New Delhi: The Indian equity indices on Monday extended fall for the fourth straight session amid the ongoing Russia-Ukraine war. The benchmark BSE Sensex nosedived 1,491 points or 2.74 per cent to close at 52,843; while the broader NSE Nifty moved 382 points or 2.35 per cent lower to settle at 15,863.

Investors remained worried as crude oil prices soared past $130 a barrel -- the highest level since July 2008 -- heightening fears of higher domestic inflation. Oil prices soared after the United States and European allies explored a Russian oil import ban. At present, India imports more than two-thirds of its oil requirements, and higher rates push up the country's trade and current account deficit while also hurting the rupee and fuelling inflation.

Mid- and small-cap shares finished on a negative note as Nifty Midcap 100 index fell 2.37 per cent lower and small-cap shares slipped 2.04 per cent.

Most of the sector gauges -- compiled by the National Stock Exchange -- closed in the red. Nifty Bank, Nifty Financial Services and Nifty Auto underperformed the index by falling as much as 4.47 per cent, 4.28 and 4.21 per cent, respectively. However, Nifty Metal jumped 2.10 per cent.

On the stock-specific front, IndusInd Bank was the top Nifty loser as the stock cracked 8.14 per cent to Rs 828.50. Maruti Suzuki India, Axis Bank, Britannia Industries and Bajaj Finserv were also among the laggards.

On BSE, the overall market breadth stood weak as 860 shares advanced while 2,599 declined.

Investors' wealth tumbled over 5.61 lakh crore to Rs 241.17 lakh crore today tracking a heavy sell-off in domestic equities.

On the 30-share BSE index, IndusInd Bank, Axis Bank, Maruti, Bajaj Finance, Bajaj Finserv and M&M were among the top losers.

"Today's fall is due to news that the U.S. can ban crude supply from Russia. It is not a time for new investment until this war situation is settled, but long-term investors no need to worry about it. As Warren Buffett once said that he will not sell equity in case of war, even if the conflict escalated into World war III. Ukraine is retaliating harder than anyone expected and (Vladimir) Putin has also said that it can go longer. So it can take another 20-30 days to settle the situation," said Ravi Singhal, Vice-Chairman, GCL Securities Ltd.

In contrast, Bharti Airtel, HCL Tech, Tata Steel and Infosys settled in the green.