The Indian stock markets key indices Sensex and Nifty tumbled more than 3 per cent on Monday as crude oil prices surged to a seven-year high in the international markets amid intensifying tensions between the United States and Russia over Ukraine.
The benchmark Sensex started the Monday trade deep in the red at 56,720.32 points and slumped to a low of 56,295.70 points in the intra-day, 1,857.22 points down from its previous session's close at 58,152.92 points.
The 30 stock S&P BSE Sensex closed 1747.08 points or 3.00 per cent down at 56,405.84 points against its previous session's close.
The broader Nifty 50 of the National Stock Exchange slumped 531.95 points or 3.06 per cent to 16,842.80 points against its previous session's close at 17,374.75 points. The Nifty slumped to a low of 16,809.65 points in the intra-day.
The Indian stocks have crumbled tracking the meltdown in the global equities due to deepening tensions between the United States and Russia over the Ukraine issue. Instability in Ukraine will have a huge bearing on crude oil prices. Crude oil prices in the international market rose above $95 per barrel, the highest level in seven years.
Monday's meltdown has resulted in the loss of nearly Rs 7 lakh crore of investors' wealth in the Indian equities markets.
There was huge selling pressure in infra and banking and financial stocks. HDFC tumbled 5.33 per cent to Rs 2297.25. State Bank of India dipped 5.20 per cent to Rs 501.80. ICICI Bank slumped 4.73 per cent to Rs 753.65. IndusInd Bank dipped 4.52 per cent to Rs 937.60. Kotak Bank slumped 4.47 per cent to Rs 1747.20.
Tata Steel crashed 5.49 per cent to Rs 1185.90. L&T tumbled 3.75 per cent to Rs 1799.
Heavy selling pressure was witnessed across the board. Out of the 30 scrips that are part of the Sensex, 23 tumbled by more than 2 per cent. Out of these, 17 stocks crashed by over 3 per cent.
Only one of the 30 Sensex scrips closed in the positive. TCS closed 1.05 per cent higher at Rs 3734.25.