Markets see bloodbath, Sensex sinks 1700 points as Ukraine-Russia risks grip the street

It was a one way street from bad to worse for the markets as investors saw over Rs 8 lakh crore worth of wealth erode as geopolitical risks continue to grip markets worldwide. Nifty declined 3% to post worst day since 12 Apr 2021

Sensex sunk 1700 points intraday and the Nifty cracked 500 points as as warnings Russia could invade Ukraine at any time sent oil to a seven-year high and indices to new lows. All sectors were deep in the red. Financial, oil & gas and consumer goods stocks were the biggest drags on both headline indices.

Over 725 stocks ended on the lower circuit as the market breadth collapsed with 10 stocks declining for every 1 rising.

Global markets continue to grapple with the rising possibility of a Russian invasion of Ukraine which could send shockwaves into the commodity and energy markets.