Broader Russian military action into Ukraine earlier today has sent Indian markets into a downward spiral, with the benchmark indices, Nifty and Sensex, tumbling 3% each. NIFTY is trading at 16,546 points and Sensex is at 55,496 points, both down 3.03% as of 12:30 PM. Initial reports from Ukraine suggest Russian invasion from its eastern border and from neighbouring Belarus, with missile strikes, artillery shelling and air action having taken place.
Further sanctions are also expected from the West, with major players like European Union members Germany and France, the United Kingdom and the United States of America slated to unveil more penalising measures soon.
On the Nifty 50, only metal giant Hindalco is trading positively, gaining, 0.93% at ₹523.50. Tata Motors is the largest loser on the index, losing 6.48%, trading at ₹446.10.
Russian President Vladimir Putin earlier today announced the start of a more extensive military campaign in Ukraine, days after recognising two breakaway and self-declared republics from Ukraine in the Donbas region, and sending Russian troops over there as a peacekeeping force.
The Indian rupee has slid nearly 1% against the US dollar, trading at near ₹75 .Data from the International Energy Agency shows that Russia is also the world's second largest producer of crude oil, and markets have factored in potential disruption in supply. Brent Crude, which is a global benchmark in oil price quotes, is trading 5% higher at nearly $102, its highest price since 2014.
The escalation of the military conflict has sent global markets spiraling too. The Japanese benchmark index, NEKKEI, is down 1.81% and so is South Korea's KOSPI at 2.6%. Russia has suspended all trading activities across all markets, and will announce resumption at a later date, according to Reuters.