Sensex Crashes Over 1,950 Points, Nifty Slips Below 23,200 As Crude Oil Spike & Global Weakness Shake Markets
Indian markets crashed sharply as Sensex fell over 1,950 points and Nifty dropped below 23,200 due to rising crude oil prices and weak global cues. FII selling added pressure, while HDFC Bank dragged markets. Experts warn that continued high oil prices and global tensions may keep markets volatile ahead.
Indian markets crashed sharply as Sensex fell over 1,950 points and Nifty dropped below 23,200 due to rising crude oil prices and weak global cues. |
Mumbai: Indian stock markets fell sharply on Thursday morning after a recent three-day rally. The 30-share BSE Sensex dropped 1,953 points, or 2.54%, to 74,750 in early trade. The 50-share NSE Nifty also declined 580 points, or 2.43%, slipping to 23,197.
Crude Oil Spike Hits Sentiment
One of the biggest reasons for the fall was the sharp rise in oil prices. Global benchmark Brent crude jumped 3.77% to $111.4 per barrel.
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Experts say high oil prices are bad for India, as the country imports most of its oil. If prices stay above $110 for long, it can hurt inflation, currency, and overall economic growth.
Global Markets Add Pressure
Weak global cues also impacted Indian markets. Major Asian indices like Kospi, Nikkei 225, Shanghai Composite, and Hang Seng were trading lower. The US markets had also closed sharply down the previous day, adding to negative sentiment.
Rising tensions in the Middle East and concerns about energy supply disruptions have made investors cautious across the world.
Heavyweights Drag the Market
Among major stocks, HDFC Bank fell over 3% after the resignation of chairman Atanu Chakraborty.
Other major losers included Larsen & Toubro, Axis Bank, Mahindra & Mahindra, and Bajaj Finance.
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Only NTPC and Power Grid Corporation of India managed to trade in the green.
FII Selling Adds to Worries
Foreign Institutional Investors (FIIs) continued to sell equities, offloading shares worth ₹2,714 crore on Wednesday. This shows a “risk-off” approach by global investors.
However, Domestic Institutional Investors (DIIs) provided some support by buying shares worth ₹3,253 crore.
Recent Rally Reversed
The sharp fall comes after markets had gained strongly in the previous session. On Wednesday, the Sensex had risen 633 points and the Nifty had gained nearly 197 points.
Outlook: Volatility Likely to Continue
Analysts believe markets may remain volatile in the near term due to rising oil prices, global uncertainty, and continuous foreign fund outflows. Investors are advised to stay cautious and watch global developments closely.
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