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The NSE Nifty 50 index fell 3.06% or 531.95 points to 16,842.80 at the close of trading. The S&P BSE Sensex fell 3% or 1,747.08 points to 56,405.84.

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The equity market plunged today after Indian stocks fell 3% on Monday, joining a global selloff. The panic was sparked by escalating tensions between Russia and the West over Ukraine, and as bank stocks continued their decline.

SENSEX, NIFTY DOWN

The NSE Nifty 50 index fell 3.06% or 531.95 points to 16,842.80 at the close of trading.

The S&P BSE Sensex fell 3% or 1,747.08 points to 56,405.84.

RUSSIA-UKRAINE TENSION

Warnings that Russia could invade Ukraine at any moment sent global stocks and oil prices skidding to seven-year highs.

“It (the threat of war) is likely to have a short-term impact since the risk of a real protracted war between two nuclear powers is quite limited,” said Mohit Ralhan, managing partner of TIW Private Equity, according to Reuters. .

“Tensions are expected to dissipate through geopolitical maneuvering over the coming weeks, but market volatility will be elevated.”

CRUDE OIL

If crude oil remains at levels near $95 a barrel for some time, continued accommodative monetary policy would be difficult, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

OUTDOOR STORAGE

The Nifty banking index fell 4.2%, extending losses for a second session, while the public sector banking index fell 6%.

Tata Consultancy Services was the lone gainer on the Nifty, adding 1.05%, while all sector indices ended in the red.

READ ALSO | Stock market crash: the factors that scare Sensex, Nifty

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