Global equities slumped today while oil jumped to a seven-year high after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine. On the other hand, safe-haven assets rallied with gold prices jumping to near nine-month high. SGX Nifty futures traded on Singapore exchange were at 17,068, signalling the pressure on Indian stock exchanges when they open later today. 

Domestic equity gauges Sensex and Nifty logged their fourth straight session of losses on Monday as participants remained cautious over lingering geopolitical tensions in Ukraine. The Sensex had settled 150 points lower at 57,683 while the broader NSE Nifty slipped 69.65 points to 17,206.

“After Russian President Vladimir Putin's recognition of two breakaway regions of eastern Ukraine, stock market investors are advised to remain vigilant about further developments because there are chances of reciprocal action by the US and its allied countries. They also need to keep an eye on the shorter range of SGX Nifty, which is 16,800 to 17,380. SGX Nifty breaching its 16,800 support would mean further weakness in Indian stock market," said Anuj Gupta, Vice President at IIFL Securities.

Among the Asian markets, Japan's Nikkei and Hong Kong's Hang Seng index were today down over 2 percent each. US futures also indicated a sharp cut. S&P 500 futures fell 1.5% and Nasdaq futures fell 2.2%.

“Mirroring the fall in SGX Nifty, key benchmark indices are seen trading in rough waters amid Russia-Ukraine tensions and the Fed's hawkishness which is still reverberating negative sentiments. Overnight, MOEX Russia Index slumped as much as 14 percent after Russian President Vladimir Putin said he’s considering an appeal for official recognition from separatists in east Ukraine. Amidst this backdrop, Nifty’s resistance is at 17421 mark and expect waterfall of selling below 17057 mark," said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.

Also of concern to Indian economy, Brent crude futures rose 1.6% to $96.94, just off their overnight seven year high.

Among the precious metals, spot gold was up 0.2% at $1,909.54 per ounce, the highest since June 1 at $1,913.89 per ounce. 

Putin on Monday recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian army to launch what Moscow called a peacekeeping operation into the area, escalating the crisis that has roiled equity markets across the globe. 

Washington and European countries condemned the move, vowing new sanctions. Strongly condemning President Vladimir Putin’s decision to recognise the so-called “Donetsk and Luhansk People’s Republics" as “independent," US Secretary of State Tony Blinken on Monday said that this is a clear attack on Ukraine’s sovereignty and territorial integrity.