Global cues, such as heightened tensions between Russia and Ukraine, as well as the subdued industrial production data, plunged India's key indices S&P BSE Sensex and NSE Nifty50 during late afternoon session on Monday.Besides, high crude oil prices along with selling pressure from FIIs dragged the two indices lower.Consequently, global stocks slid on Monday and commodities, including crude oil, surged as geopolitical risks over Ukraine rippled through global markets.On the domestic front, volumes on the NSE were a little higher than the recent average.Amongst sectors, realty, metals, banks and auto indices have lost the most.At 2.45 p.m., Sensex traded at 56,493.85 points, down 2.85 per cent or 1,659.07 points from the previous close.Nifty traded at 16,875.40 points, down 2.87 per cent or 499.35 points from the previous close.
"Nifty fell sharply for the second consecutive session on Feb 14, opening with a large down gap, following weak global cues," said Deepak Jasani, Head of Retail Research, HDFC Securities."Nifty remains under pressure due to rising crude oil prices, the Russia Ukraine conflict and subdued Corporate results."Gaurav Garg, Head of Research, CapitalVia Global Research, said: "Investors around the world worried about increasing tensions between Russia and the West over Ukraine. The news that India's industrial production fell to a 10-month low of 0.4 per cent in December 2021, owing to a contraction in manufacturing, kept the atmosphere on the streets cautious.
"Data from depositories showed that foreign portfolio investors (FPIs) withdrew a net Rs 14,935 crore from the Indian market in the first half of February, causing some alarm. On the global front, Asian market were in red as the rift between Russian and Ukraine has gone further with the increase in number of Russian troops at the Ukraine borders."