Srinagar, Feb 24: Russian military operations in Ukraine on Thursday resulted in a carnage on Mumbai’s Dalal Street, with investors losing Rs 10 lakh crore in market value.
According to Reuters, nine of every 10 stocks were bleeding in the red. A total of 2,758 of 3,057 shares were trading lower for the day, another 95 were unchanged and only 224 stocks were defying the weak trend.
Brent crude hit a high of $102.48 a barrel, the loftiest since September 2014, and was at $102.06 a barrel at 0547 GMT, up $5.22, or 5.4%.
The sell-off spread to cryptocurrency markets, pushing bitcoin below $35,000 for the first time in a month.
Russia accounts for 11 per cent of global crude oil exports. ICICI Securities said that if sanctions take about 60 per cent of this off global markets — with China, Belarus, and a few other customers possibly defying the sanctions — world crude oil supply would decline by 3 mmbd, and the Brent crude price would likely shoot above $110 a barrel level.