With the ongoing war in Ukraine, Russia has been facing sanctionsin the imports, which has been taking toil on Indian markets. The stock market ofIndia has been trading in Red. Sensex crashed by 1900 points, while on the otherhand Nifty was down by over 500 points. Both Nifty and Sensex have been doing theirbusiness in losses. Last week they posted their fourth consecutive weekly loss.
According to the Reuters Report, this comes after investors starteddumping risky assets as oil prices soared after United States and European Allieswere said to be mulling a Russian oil ban.
The oil prices surged after European allies alongside with US,explored a Russian oil import ban, while on the other side with delays in the potentialreturn of Iranian crude oil to global markets sped up supply fears.
India is the third- largest importer of crude oil in the world.The rising oil prices push up the country’s trade and current account deficit, whileit’s also hurting the Rupee and fuelling imported inflation.
The market is believed to behave the same or more worse as longas the Ukraine- Russia war continues.