Monday Mayhem: Ukraine-Russia tension, oil prices send Sensex 1700 pts down

The Nifty index is now below its 200-DMA level and is near the support zone of 16,800. Severe corrections may happen if it slips below this level

Domestic equities crumbled under the global meltdown on Monday as tensions flared up between Ukraine and Russia. The geopolitical breakdown between the two nations also had a bearing on oil prices, which are now above $95 per barrel-mark.

The benchmark S&P BSE Sensex plummeted over 1,800 points intra-day, while the Nifty50 slipped below the 16,850-mark, clocking their biggest intra-day decline since November 26, 2021.

They, eventually, ended at 56,406 and 16,843 levels, down 1,747 points and 532 points, respectively.

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The market breadth was awfully bearish with s19 stocks declining against one advancing stock