The 30-share BSE index crashed 769 points or 1.4 per cent to close at 54,334; while, the broader NSE Nifty settled 253 points or 1.53 per cent lower at 16,245.
Titan, Maruti, Asian Paints, M&M, HUL and Bajaj Finance were the top losers in the sensex pack falling as much as 5.05 per cent.
While, Dr Reddy’s, ITC, Tech Mahindra and Ultra Cemco were the top gainers rising up to 2.96 per cent.
Both the indexes fell over 2 per cent earlier in the session, touching their lowest since early-August last year, in their third consecutive session of losses.
Ukraine authorities said on Friday Russian forces seized the largest nuclear power plant in Europe after a building at the complex was set ablaze during intense fighting with Ukrainian defenders.
Oil rose above $111 a barrel on Friday in a volatile session on fears over supply disruption to Russian oil exports after sanctions by Western sanctions.
India is the world’s third-largest importer of crude oil, and rising prices push up its trade and current account deficit while hurting the rupee and fuelling imported inflation.
“Global bourses are witnessing a sharp sell-off as reports of Russian attack on Europe’s biggest nuclear plant in Ukraine kept tension levels elevated. Rising oil prices along with uncertainties on supply chain disruption have instilled fears that inflation could cross RBI’s tolerance level, though temporarily,” Vinod Nair, head of research at Geojit Financial Services told news agency PTI.
Investor wealth plunges more than Ukraine’s GDP
Both the sensex and Nifty have been under pressure since past two weeks, mainly on account of escalating crisis between Russia and Ukraine.
The market capitalisation of BSE-listed companies plunged to Rs 246.79 lakh crore at end of today’s trade. Investors lost Rs 4.26 lakh crore today.
At the end of previous session, the m-cap stood at Rs 251.05 lakh crore.
Since February 14, the BSE sensex has crashed 3,669 points in total. Even though markets stayed in green for two sessions in between, on most days market sentiments have remained low.
Since February 16, markets suffered continuous looses, except for February 25 when sensex gained 1,329 points after markets staged a rebound.
The m-cap of BSE listed companies stood at Rs 262.18 lakh crore at end of trade on February 16. From that level, investors have lost Rs 15.39 lakh crore till today. In dollar terms, this amounts to around $201.8 billion.
Data released by the International Monetary Fund (IMF) showed Ukraine’s gross doemstic product (GDP) at $181.03 billion for the year 2021.
This clearly shows that investors in India lost more money inn last 15 days than the total GDP of Ukraine.
War continues to rattle global markets
Stocks sank to one-year lows in Europe on Friday when bonds, commodities and crude rallied as investors ran for cover in the face of escalating war in Ukraine, with Russia seizing a big nuclear plant.
On Wall Street, the futures for the benchmark S&P 500 and Dow Jones Industrial Average were down 0.9 per cent.
In Asia, Tokyo’s Nikkei 225 index fell 2.2 per cent to 25,985.47 while the Hang Seng in Hong Kong slipped 2.5 per cent to 21,905.29. In Seoul, the Kospi declined 1.2 per cent to 2,713.43. The Shanghai Composite index lost 1 per cent to 3,447.65.
The yield on the 10-year Treasury slipped to 1.78 per cent Friday from 1.85 per cent late Thursday.
(With inputs from agencies)