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Markets crash over Russian military action in Ukraine, Sensex down 1,600 points

As anticipated, Russia Thursday launched military operations in Ukraine which experts see as precursor to full-scale war.

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Mumbai: Stock markets crashed on Thursday as Russia ordered military operations in Ukraine triggering panic among investors.

The BSE Sensex was down 1,613 points or 2.82 per cent at 10:45 AM. All sectoral indices traded in red amid fears of uncertainty. Nifty traded below 16,600 and was down 486 points or 2.85 per cent.

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As anticipated, Russia Thursday launched military operations in Ukraine which experts see as precursor to full-scale war. Many countries such as US and Canada have stood behind Ukraine but the solidarity has so far failed to stop Russia from marching towards Ukraine.

Global crude prices and gold have also surged as the crisis intensified.

“NYMEX crude trades about 3% higher near $95/bbl after a minor gain yesterday. Crude trades higher supported by supply risks associated with Russia amid increased tensions with Ukraine and sanctions by western countries,” said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities. 

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