New Delhi, Feb 24 (IANS): Global equity markets on Thursday took a hard hit on the news of Russia announcing a military operation in Ukraine.

Reportedly, President Vladimir Putin authorised a special military operation in Ukraine's Donbas region.

US' Nasdaq Composite index declined around 2.5 per cent to 13,037 at 1.29 p.m., whereas Nikkei down 1.8 per cent to 25,970.

London Stock Exchange's FTSE index was down 2.7 per cent at 7,293 points, whereas Hong Kong's Hang Seng index was down 3.2 per cent at 22,901 points.

Back home, the decline in indices even more widened in afternoon trade. At 1.29 p.m., Sensex was 3.5 per cent down or 2,010 points at 55,221 points, whereas Nifty down 3.6 per cent or 621 points at 16,441 points.

"We are seeing the first meaningful correction in the market after a strong performance in 2021. A correction was due where geopolitical tension has become an excuse for this correction. Inflation and rising interest rates are the major concerns for equity markets and geopolitical tension is increasing the risk of inflation as energy prices are rising," said Parth Nyati, Founder at Tradingo.

"Anecdotally, such kinds of geopolitical issues provide a good buying opportunity for the long-term investors and we are in a structural bull run that is likely to continue for the next couple of years where intermediate corrections will be part of this journey."

Long-term investors are recommended not to panic and look for buying opportunities from lower levels where the domestic economy facing sectors like capital goods, infrastructure, real estate, and financials should be on investors' radar, Nyati added.

Nifty sectoral indices fell Ain the 2-6 per cent range, with PSU bank, realty, and media declining the most, NSE data showed.