Monday blues: Sensex tanks 1,747 pts amid Ukraine standoff

Mumbai: The BSE benchmark Sensex plunged 1,747 points while the Nifty crashed below the 17,000-level on Monday as escalating Russia-Ukraine tensions sparked a retreat from riskier assets globally.

Investors' wealth plummeted by more than Rs 8.47 lakh crore on Monday as the stock market continued to be ravaged by weak global sentiments.

Plunging for the second straight session, the 30-share BSE Sensex nosedived 1,747.08 points or 3 per cent to settle at 56,405.84. This was its biggest single-day drop since February 26, 2021.

On similar lines, the broader NSE Nifty plummeted 531.95 points or 3.06 per cent to 16,842.80 — closing below the key 17,000-level for the first time this year.

The Sensex has now lost 2,520.19 points in just two sessions. Investors have lost more than Rs 12.38 lakh crore in two days, with the market capitalisation of all BSE-listed firms standing at Rs 2,55,42,725.42 crore.

On the Sensex chart, barring TCS, all shares closed with steep to moderate losses on Monday.

Tata Steel was the biggest laggard, tumbling 5.49 per cent, followed by HDFC, SBI, ICICI Bank, IndusInd Bank, Kotak Bank and Maruti.

All 19 BSE sectoral indices suffered losses, with realty, metal and banking plummeting over 5 per cent.

Broader smallcap, midcap and largecap indices shed as much as 4.15 per cent.

The rupee slumped further by 24 paise to close at over nine-week low of 75.60 against the US currency in line with deep losses in the stock markets and a stronger dollar as investors rushed for safe-haven assets amid geopolitical tensions.

Forex traders said a lacklustre trend in domestic equities and elevated crude oil prices weighed on the local unit.