Sensex down by 214 points amid oil price surge

With Ukraine-Russia talks yet to make headway, global oil prices have soared

Sensex was down by 214.27 points and nifty was down by 66.75 points on Tuesday morning at 9:24 AM.

According to Reuters, the blue-chip NSE Nifty 50 index (.NSEI) was down 0.41% at 15,798.40 as of 9:21 AM, and the S&P BSE Sensex (.BSESN) fell 0.39% to 52,636.17. If losses hold, both the indexes would mark their fifth straight session of declines.

The surging international oil prices have a role to play in this decline, spooking investors. Oil prices have been rising and hit their highest point since 2008–when the global financial crisis happened.

Brent crude oil prices are now at $130 per barrel.

Rising oil prices could also lead to the tumbling of the rupee to 80 rupees per dollar. Currently, it stands at 76.87 rupees per dollar, after it had breached the 77 mark for the first time ever yesterday.

With talks between Ukraine and Russia not making much headway and the conflicts continuing, markets could continue seeing a fall in shares indices.

Source: PTI/Reuters and edited by Rishika Singh