Mumbai: The Indian stock markets key indices Sensex and Nifty tumbled more than 2 per cent on Monday as crude oil prices surged to a seven-year high in the international markets amid intensifying tensions between Ukraine and Russia.

The benchmark Sensex started the Monday trade deep in the red at 56,720.32 points and slumped to a low of 56,612.07 points in the morning trade, 1540.85 points down from its previous session’s close at 58,152.92 points.
At 12.08 pm, the 30 stock S&P BSE Sensex was trading at 56,992.35 points, which is 1160.57 points or 2.00 per cent lower from its previous session’s close.

The broader Nifty 50 of the National Stock Exchange was trading 364.80 points or 2.1 per cent down at 17,009.95 points from its previous session’s close at 17,374.75 points.

The Nifty started the week’s trade deep in the red at 17,076.15 points and slumped to a low of 16,916.55 points.

The Indian stocks have crumbled tracking the meltdown in the global equities due to deepening tensions between Ukraine and Russia. The tensions between these two countries will have a huge bearing on crude oil prices. Crude oil prices in the international market rose above $95 per barrel, the highest level in seven years.

Monday’s meltdown has resulted in the loss of over Rs 6 lakh crore of investors’ wealth in the Indian equities markets.

There was huge selling pressure in banking and financial stocks. HDFC tumbled 3.81 per cent to Rs 2334.25. ICICI Bank slumped 3.60 per cent to Rs 762.60. State Bank of India tumbled 3.57 per cent to Rs 510.40.

Half of the 30 scrips that are part of the Sensex were trading with a loss of more than two per cent.

Maruti Suzuki 3.50 per cent down at Rs 8434.60; Tata Steel 3.55 per cent down at Rs 1210.20; Kotak Bank 2.89 per cent down at Rs 1776.15; IndusInd Bank 2.85 per cent down at Rs 954.85 and Mahindra & Mahindra 2.63 per cent down at Rs 831.40 were among the major Sensex losers.

The Index heavyweight Reliance Industries was trading 1.34 per cent down at Rs 2344.90.

Only two of the 30 Sensex scrips were trading in the positive. TCS was trading 1.22 per cent higher at Rs 3740.75 and Sun Pharma was trading with a gain of 0.49 per cent at Rs 884.