Indian Stock Market Faces Major Losses Amid Oil Price Surge and Weak Rupee
Sensex drops 590 pts; oil & gas shares decline
Business Standard
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The Indian stock market experienced significant losses, with the S&P BSE Sensex dropping 590 points to 76,679.36 and the Nifty 50 slipping below 23,950. The decline was driven by a record low in the Indian rupee against the US dollar and escalating tensions between Iran and the US, impacting investor confidence.
- 01S&P BSE Sensex fell 590.04 points to 76,679.36.
- 02Nifty 50 index dropped 169.50 points to 23,947.55.
- 03The Indian rupee reached a record low of 95.40 against the US dollar.
- 04Oil & gas stocks declined, with the Nifty Oil & Gas index down 1.13%.
- 05Market sentiment was affected by heightened tensions in the Middle East.
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In mid-morning trade, the Indian stock market faced considerable losses, with the S&P BSE Sensex declining 590.04 points or 0.76% to 76,679.36 and the Nifty 50 index dropping 169.50 points or 0.72% to 23,947.55. The market was adversely affected by the Indian rupee's fall to a record low of 95.40 against the US dollar and increasing tensions between Iran and the United States, which dampened investor confidence. The broader market also reflected negative sentiment, with the BSE 150 MidCap Index and BSE 250 SmallCap Index slipping by 0.24% and 0.16%, respectively. The Nifty Oil & Gas index saw a decline of 1.13%, with major companies like Oil India and Bharat Petroleum Corporation among the top losers. The market breadth was negative, with 2,141 shares falling compared to 1,706 shares rising. Additionally, the initial public offering (IPO) of Onemi Technology Solutions was only 0.60 times subscribed as of the latest data.
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The decline in the stock market and the weakening rupee could lead to increased costs for imports, affecting consumers and businesses reliant on foreign goods.
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