Monday Blues: Equities nosedive; rupee at record low; crude oil set to touch $200bbl

Rs 5 lakh crore of investors' money lost on Monday as global crude oil prices hit the highest level since 2008 following the Russia-Ukraine crisis.

Nifty 50 fell more than 500 points during the day, however, the index recovered 150 points to close at 16,863, which is an 8-month low. Sensex closed 1,500 points in the red even as it gained back close to 500 points from the day's lowest level.

Benchmark indices are down almost 15% from the all-time highs now.

The Indian rupee fell below 77 per U.S. dollar, a record low level.

Banks and autos were the top Nifty losers for the day, with IndusInd Bank, Maruti, Axis Bank, Britannia and Bajaj Finserv being the top five index losers.

ONGC hit a 4-year high amid surging crude oil prices at it ended the session more than 13% in the green.

Futures and options trade of Crude Oil in the international market is indicating that traders are betting that prices could soar as high as $200/bbl.