Sensex Sinks Over 1,700 Points, Nifty Worst Since April 2021
India: Monday saw a brutal bloodbath on D-Street. Sensex closed 1,747 points lower at 56,405.84. Nifty50 slumped a whopping 531 points and ended below 16,900 at 16,842.8. According to a report by The Economic Times, this is the worst closing of Nifty50 since April 12, 2021. The only share in Sensex that closed in the green was TCS.
Metal and Bank stocks were the worst performers in the share market. The biggest bank scam in India, the ABG Shipyard scam, is believed to be a major factor in today’s share market mayhem. The shares of Punjab National Bank and Federal Bank fell over 6 per cent today. Along with this, IDBI First Bank and SBI fell over 5 per cent. According to a latest report by IANS, IDBI and SBI Bank have been impacted the worst by the ABG Shipyard scam.
The rising tensions between Russia and Ukraine have also impacted the share markets in a big way. Various media reports have suggested that the attack on Ukraine is imminent now. Russia has mobilised over 1 lakh troops around Ukraine. US President Joe Biden has been repeatedly warning Russia of sanctions in case of an attack.
The crude oil prices touched $95 per barrel on Monday. This has worried the policymakers across the globe on how to control the rising inflation. Almost all the countries are facing a high fiscal deficit due to COVID-19 support packages.
