Sensex crashes over 740 points, Nifty down at 16,448.20 as Russia-Ukraine conflict intensifies

The share market fell more than 1 per cent in early trade on Monday, with investors joining a global flight from riskier assets.

On worries that fresh sanctions on Russia could impact oil shipments, while the market focus was also on economic growth data due later in the day.

The blue-chip NSE Nifty 50 index was 1.26 per cent or 210.20 points down at 16,448.20, and the S&P BSE Sensex dropped 1.34 per cent or 746.80 to 55,209.58. Both the indexes posted their third straight weekly losses on Friday.

GDP OF INDIA
India’s GDP data is set to be released today. The country’s economy likely grew 6 per cent year-on-year during the three months ended December 2021, slower than the previous two quarters, with fears growing over slowing momentum after Russia’s invasion of Ukraine, a Reuters survey of economists showed last week.

OIL PRICES
Oil prices jumped on Monday on escalating sanctions on Russia, heightening fears that oil shipments from the world’s second-largest producer could be disrupted.

In Mumbai, Nifty’s financial services sector index .NIFTYFIN and the auto index .NIFTYAUTO were among the top decliners, falling more than 1 per cent each.