Global markets tumble badly after Russian President Vladimir Putin declared war on Ukraine. The market shattered as soon as it opened on Thursday.
Besides, high crude oil prices along with subdued global indices added weight to the downtrend.
In today's opening, the BSE Sensex fell by more than 2,000 points. At the same time, Nifty also went down by 572.05 points. UPL, Tata Motors, IndusInd Bank, Tata Steel and ICICI Bank were the biggest losers in the Nifty. While, Nestle was the only gainer with marginal gains.
Tech Mahindra, TCS, Wipro, HCL Tech, HDFC, SBI, Mahindra & Mahindra, Bajaj Finserv, HDFC Bank, Infosys, Axis Bank, Bajaj Finance, Maruti, Dr Reddy's, Hindustan Unilever and ITC declined to three percent. On the other hand, shares of PowerGrid, Reliance Industries, Asian Paints, Kotak Bank, Titan, Nestle, Sun Pharma and NTPVC fell one percent.
"Traders were cautious after Finance Minister Nirmala Sitharaman's statement that the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India," Mohit Nigam, Head-PMS, Hem Securities, said in a note.
Russian President Vladimir Putin on Thursday announced a “military operation" in Ukraine's Donbas region.
A huge military convoy of more than 100 military trucks with soldiers was also seen heading towards the Ukrainian border where 190,000 Russian troops are already massed, raising fears Putin is about to stage a land-grab in eastern Ukraine, the report said.