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Sensex plunges 778 points on escalating Russia-Ukraine tensions

On Wednesday, the BSE benchmark Sensex fell 778 points to close below the 55,500-level, following a broad-based selloff in global markets as the Russia-Ukraine crisis escalated.

The 30-share BSE index fell 778.38 points, or 1.38 percent, to 55,468.90. Similarly, the NSE Nifty fell 187.95 points, or 1.12%, to 16,605.95.

Maruti Suzuki was the biggest loser in the Sensex pack, falling 6%, followed by Dr Reddy’s, Asian Paints, ICICI Bank, HDFC, and HDFC Bank. Tata Steel, Titan, Reliance, and Nestle India, on the other hand, were among the winners.

Other Asian markets saw losses in Hong Kong, Tokyo, and Shanghai, while Seoul closed in the black. In the afternoon, European stock exchanges were trading mixed. Brent crude futures rose 5.09 percent to USD 110.31 per barrel, tracking the Ukraine crisis.

US President Joe Biden announced that the US will close its airspace to Russian planes, claiming that this, along with other punitive measures, will weaken Moscow.

The United States and the European Union have imposed a variety of sanctions on Russia. These include restrictions on Russia’s largest banks as well as the exclusion of its financial institutions from the SWIFT global payments system.Foreign institutional investors sold shares worth Rs 3,948.47 crore in the Indian capital market on Monday, according to exchange data.

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