Indian Stock Market Declines Amid Rising Crude Oil Prices and Weak Global Cues
Benchmarks slide as crude climbs, Sensex sheds 583 pts, Nifty below 24K
Business Standard
Image: Business Standard
On Thursday, Indian equity benchmarks fell sharply, with the S&P BSE Sensex dropping 582.86 points to 76,913.50 and the Nifty 50 slipping below 24,000. The decline was driven by surging crude oil prices, weak Asian markets, and continuous foreign fund outflows, raising inflation concerns in India.
- 01Sensex fell 582.86 points to 76,913.50 amid rising crude oil prices.
- 02Nifty 50 index dropped 180.10 points to 23,997.55, below the 24,000 mark.
- 03Brent crude oil prices surged to around $120 per barrel, raising inflation concerns.
- 04The rupee hit a record low of 95.3450 during trading, adding pressure to domestic equities.
- 05Most sectoral indices ended in the red, with notable declines in banking stocks.
Advertisement
In-Article Ad
Indian equity markets faced a significant downturn on Thursday, with the S&P BSE Sensex declining by 582.86 points (0.75%) to close at 76,913.50 and the Nifty 50 index falling 180.10 points (0.74%) to 23,997.55. The drop was primarily fueled by surging Brent crude oil prices, which climbed to approximately $120 per barrel amid fears of supply disruptions due to potential sanctions on Iranian ports. This spike in oil prices has raised inflation concerns in India, further impacting investor sentiment.
The market was also affected by weak cues from Asian markets and ongoing foreign fund outflows. Banking stocks, including major players like ICICI Bank and HDFC Bank, contributed significantly to the decline. The rupee experienced volatility, touching an all-time low of 95.3450 during the session, which added to the strain on domestic equities.
In the broader market, the BSE 150 MidCap Index fell 1.01%, while the BSE 250 SmallCap Index dropped 0.50%. The market breadth was negative, with 2,532 shares declining compared to 1,649 that advanced. The NSE's India VIX, a measure of market volatility, surged 5.86% to 18.46. Investors are now looking ahead to upcoming monetary policy decisions from global central banks, which may further influence market dynamics.
Advertisement
In-Article Ad
The decline in the stock market and rising crude oil prices could lead to higher inflation, affecting the cost of living for consumers in India. Investors may also experience losses in their portfolios due to the market downturn.
Advertisement
In-Article Ad
Reader Poll
How do you feel about the current state of the Indian stock market?
Connecting to poll...
Read the original article
Visit the source for the complete story.


