NEW DELHI: Domestic stocks lost over Rs 6 lakh crore worth of value within minutes as the Ukrainian crisis sent oil prices boiling to a seven-year high, stoking fears of inflation and strong foreign outflows.With the benchmark Sensex falling about 1,400 points and midcap and smallcap indices plunging about 4 per cent each, investor wealth as suggested by BSE market capitalisation declined by Rs 6.27 lakh crore to Rs 257.62 lakh crore from Rs 263.90 lakh crore on Friday. "Sentiment has turned very negative for the short-term, with the heightened tension over the Ukraine crisis. The weakness in global markets is the direct fallout of the Ukraine crisis. "If crude remains at levels of $95 for an extended period of time, the RBI will be forced to revise upwards its 4.5 per cent CPI inflation projection for FY23. Global investors continue to reduce their positions in India while domestic investors continue to buy.

Source: Economic Times February 14, 2022 22:03 UTC