Sensex, Nifty plunged nearly 3% amid weak global markets and elevated oil prices

Meanwhile, international oil benchmark Brent rose 8.84% to $128.6 a barrel

Meanwhile, international oil benchmark Brent rose 8.84% to $128.6 a barrel

Stock benchmarks Sensex and Nifty fell nearly 3% at the open on March 7 after tracking weak global markets and elevated oil prices amid the Russia-Ukraine conflict.

The 30-leg BSE Sensex, which continued its downtrend for a fourth straight session on March 7th, opened weak, falling 1,620.73 points or 2.98% to 52,713.08.

Similarly, the broader NSE Nifty fell 447.05 points, or 2.75%, to slide below the 16,000 level to 15,798.30.

Sensex lost 1,453.51 points to 52,880.30 in opening trade while the Nifty plunged over 400 points to 15,831.85.

Out of the 30 stock pack, Maruti Suzuki, Mahindra & Mahindra, Larsen & Toubro and ICICI Bank were the biggest detractors, falling to 6.3%.

In previous trade, the 30-period BSE benchmark ended at 54,333.81, down 768.87 points, or 1.40%. The NSE Nifty fell 252.70 points, or 1.53%, to end at 16,245.35.

The Hong Kong, Shanghai and Tokyo stock exchanges traded significantly lower on mid-session deals.

Stock exchanges in the US closed in negative territory on March 4th.

Meanwhile, international oil benchmark Brent rose 8.84% to $128.6 a barrel.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹7,631.02 crore of shares on a net basis, according to stock market data on Friday.

“This week’s focus is on the Russia-Ukraine conflict and its impact on oil prices. On the home front, investors will be watching the outcome of five state elections on March 10,” said Mohit Nigam, head of PMS , Hem Securities.

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