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

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

Equity benchmarks Sensex and Nifty tumbled nearly 3% in opening trade on March 7 tracking weak global markets and elevated oil prices amid the Russia-Ukraine conflict.

Extending its downtrend for the fourth straight session on March 7, the 30-share BSE Sensex opened on a weak note and slumped 1,620.73 points or 2.98%t to 52,713.08.

Similarly, the broader NSE Nifty tanked 447.05 points or 2.75% and slipped below the 16,000 level to 15,798.30.

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

From the 30-share pack, Maruti Suzuki, Mahindra & Mahindra, Larsen & Toubro and ICICI Bank were the biggest drag, tumbling up to 6.3%.

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

Bourses in Hong Kong, Shanghai and Tokyo were trading significantly lower in mid-session deals.

Stock exchanges in the U.S. closed in the negative zone on March 4.

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

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth ₹7,631.02 crore on a net basis on Friday, according to exchange data.

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



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