Indian stock markets are set to open sharply lower today, tracking the selloff in other Asian peers. Nifty futures trading on Singapore exchange (SGX Nifty futures) were down 1.6% at 15,814. Indian stock market index Nifty had settled 1.5% lower at 16,245 on Friday. In global markets, gold surged above $2,000 an ounce on growing demand for haven assets as investors weigh the geopolitical and economic fallout from Russia’s invasion of Ukraine.

The price of oil jumped today and Asian equities shares were sharply lower as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia. The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations. A temporary cease-fire in two Ukrainian cities failed over the weekend — and both sides blamed each other.

“The SGX Nifty well below the psychological 16000 mark is indicating a gap-down start and most importantly, risk-off mode for our stock markets. Risk aversion will continue to be the preferred theme as investors shall run to safety on backdrop of Russia-Ukraine war. Technically, for the day, bears will be in the drivers seat with aggressive targets at 15811 mark. The Nifty options data for March series suggests Nifty is likely to be in a trading range of 15500-17000 zone," said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.

Oil prices soared more than 6%, touching their highest since 2008 while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Brent crude futures rose $8.46, or 7.2%, to $126.57 a barrel. In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13.  Today's intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.

Continuing its decline for the third day on Friday, BSE Sensex settled at 54,333.81, a decline of 768.87 points or 1.40 per cent. Investors' wealth tumbled more than Rs5.59 lakh crore in three days of market fall as sentiments remained muted amid the Russia-Ukraine conflict and its impact on the global economy. In three days, the benchmark index tanked 1,913.47 points or 3.40 per cent. 

This week, according to analysts, the focus would remain on the Russia-Ukraine crisis and its impact on crude. Besides, on the domestic front, participants will be closely eyeing the state elections results of five states: UP, Uttarakhand, Goa, Punjab and Manipur on March 10. On the macroeconomic front, we have IIP data scheduled for March 11.