Markets tank as Russia attacks Ukraine; Sensex, Nifty plunge over 4.7%

Russia mounts biggest assault on a European state since WWII

The Indian markets on Thursday posted their biggest fall in nearly two years after Russian President Vladimir Putin launched a military invasion of Ukraine, triggering a flight to safety among investors. The escalation of the conflict in Ukraine sent shockwaves across the global financial markets with Brent crude oil prices soaring past $105 per barrel and gold prices hitting a 17-month high.

Anticipations of severe US sanctions on Russia stoked fears of disruption in global supply chains and increase in already high inflation. The spike in oil, coupled with the drop in the rupee, many feared, would prompt the Reserve Bank