The S&P BSE Sensex and NSE Nifty50 fell further today in the afternoon trade amid skyrocketing crude oil prices.
The Ukraine crisis has pushed Brent crude oil price to $130 a barrel by Monday, which in turn has accelerated FIIs’ selling in the Indian equity market.
At 2.08 p.m., Sensex was 3.2 percent or 1,715 points down at 52,619 points, whereas Nifty 2.8 percent or 462 points down at 15,784 points.
“The market is slipping into bearish territory and investors have to be cautious. There is relative safety in energy due to high energy prices, metals due to high global prices, and export segments due to resilient demand and rupee depreciation,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.