Mumbai, March 7 (SocialNews.XYZ) India's key indices -- S&P BSE Sensex and NSE Nifty50 -- fell sharply during the opening session on Monday amid skyrocketing crude oil prices.
Notably, the Ukraine crisis pushed Brent crude oil price to $130 a barrel on Monday.
The trend is expected to trigger an inflationary trend and ultimately a reversal in monetary policy stand.
Besides, it has accelerated FIIs' selling in the Indian equity market.
Consequently, at 10 a.m., Sensex was 2.79 per cent or 1,515.98 points down at 52,817.83 points from its previous close.
The Nifty traded lower by 2.83 per cent or 459.95 points down at 15,785.40 points.
"On Monday, Indian markets fell for the third day in a row amid rising geopolitical tensions after Ukrainian officials announced Russian forces had taken control of the Zaporizhzhia nuclear power station," said Likhita Chepa, Senior Research Analyst, CapitalVia Global Resaerch.
"Brent Crude rose above $130 per barrel in early trade, the most since 2008, amid heightened geopolitical tensions, and markets began with a gap-down today."
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz