Russia's military operations in Ukraine resulted in carnage on Dalal Street on Thursday with key indices of the Indian equities markets plunging by nearly five per cent.
The benchmark Sensex of the BSE crashed 2702.15 points or 4.72 per cent to 54,529.91 points against its previous day's close at 57,232.06 points. The broader Nifty 50 of the National Stock Exchange dipped 815.30 points or 4.78 per cent to 16,247.95 points against its previous day's close at 17,063.25 points.
The key indices of the Indian equities markets have closed in the red for the seventh trading day in a row.
Stock markets are bleeding across the world after Russia attacked several sites in Ukraine's capital city Kiev.
Oil prices soared past the $100 per barrel mark for the first time since 2014. This is expected to have huge implications for India's economic growth.
Finance Minister Nirmala Sitharaman said earlier this week that the Ukraine-Russia crisis and high oil prices pose threat to India's financial stability.
There was across the board selling pressure in the Indian equities markets. All the 30 stocks that are part of the benchmark Sensex close with huge losses.
Nearly half of the scrips that are part of the Sensex crashed by more than 5 per cent. IndusInd Bank crashed 7.88 per cent to Rs 875.80. Mahindra & Mahindra tumbled 6.15 per cent to Rs 797.50. Bajaj Finance crashed 6.02 per cent to Rs 6626.10.
Axis Bank 5.99 per cent lower at Rs 730.65. Tech Mahindra 5.75 per cent down at Rs 1332.70; Maruti Suzuki 5.65 per cent down at Rs 8209.95; Tata Steel 5.61 per cent down at Rs 1074.95; Bajaj Finserv 5.57 per cent down at Rs 15246.40 and HDFC Bank 5.48 per cent down at Rs 1419.60 were among the major Sensex losers.
The smallcap and midcap indices suffered even bigger losses. The National Stock Exchange's Nifty Smallcap 50 crashed 6.55 per cent. Nifty Smallcap 100 tumbled 6.25 per cent. Nifty Midcap 50 crashed 6.16 per cent. Nifty PSU Bank index crashed 8.26 per cent, while the Nifty Private Bank index tumbled 5.98 per cent.