Sensex tumbles as Brent hits $100 mark on Russia-Ukraine crisis; IGL, RIL, Petronet fall

The Indian stock market following global peers has tumbled over 3 percent with Sensex crashing 1,878.75 points or 3.28 percent at 55353.31, and the Nifty tumbling 550.60 points or 3.23 percent at 16,512.70.

Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, is of the view that the global markets are literally swaying on news flows with respect to Russia–Ukraine and since the volatility is on the higher side, it has become a nightmare for momentum traders. In such kind of geopolitical concerns, no analysis works better, and hence, we continue to advise staying light till the time the global uncertainty subsides.

"Meanwhile, one can keep a close watch on the crucial support zone of 17,000 - 16,800, whereas on the flip side, the cluster of resistances is visible at 17,200 - 17,350 - 17,500," he added.

Among the sectors, the oil and gas index has dipped over 3 percent as crude oil hit the $100 mark since 2014 as traders feared further sanctions that could hit Russia's crude oil export. Brent crude oil futures were up 3 percent at $99.72 per barrel in Asian trading at 9:20am.

Global oil prices have jumped over 30 percent since November on a sharp increase in demand due to the reopening of global economies as COVID-19 pandemic subsided on higher vaccination rates.

BSE oil and gas fell 2.52 percent at 10:05am dragged by Indraprastha Gas which was down over 4 percent followed by Reliance Industries, Petronet LNG, Gujarat Gas, BPCL and GAIL India which were down over 3 percent each.