Markets drop to 7-month low on FPI pullout over Ukraine tensions

Benchmark indices shed up to 1.5% as oil price surge trigger spook investors; war adds to concerns of slowing economic growth and inflation

The benchmark Sensex fell to its lowest level in seven months on Friday after declining for a fourth straight week. Sustained selling by foreign portfolio investors (FPIs) amid a sharp spike in global oil prices and growing tensions in Ukraine is weighing on performance despite strong buying support coming in from domestic investors.

Brent crude prices hovered close to $115 per barrel as Russia’s onslaught on Ukraine showed little signs of easing.

The benchmark Sensex fell 769 points, or 1.4 per cent, to end the week at 54,334, lowest close since August 6, 2021. The Nifty ended the session at