Mumbai: Indian stock markets remained under selling pressure on Thursday as rising crude oil prices, weak global cues and escalating tensions in West Asia weighed on investor sentiment.
The BSE Sensex declined 460.30 points, or 0.62 per cent, to 73,249.39 at 3:32 pm, against its previous close of 73,709.69.
The NSE Nifty 50 slipped 123.70 points, or 0.54 per cent, to 22,687.65 at 3:31 pm, compared with its previous close of 22,811.35.
Sensex And Nifty Witness Volatility
The Sensex touched an intraday high of 73,720.83 and a low of 73,005.11.
Similarly, the Nifty opened at 22,687.75 and moved between 22,554.85 and 22,785 during the session.
Despite recovery attempts, both benchmark indices remained in negative territory.
Crude Oil Crosses USD 111
Brent crude surged more than 2.5 per cent to cross USD 111.62 per barrel, raising concerns over India's import bill and inflation.
Higher oil prices could increase transportation and production costs, affecting corporate profitability.
Global sentiment also weakened as Dow futures declined 226 points, or 0.43 per cent, to 52,833.
Investors Lose Nearly Rs 3.84 Lakh Crore
Selling pressure wiped out approximately Rs 3,83,881.16 crore from the combined market capitalisation of BSE-listed companies.
The decline reflected growing investor concerns over expensive crude oil and geopolitical uncertainty.
Iran-US Tensions Raise Concerns
Iran warned that continued US protection of vessels passing through the Strait of Hormuz could expand the conflict to American military installations in the region.
The strategic waterway handles significant global oil shipments, making disruptions a major concern for energy markets.
Meanwhile, the Saudi-led coalition reported intercepting and destroying a drone over the Riyadh region.
Continued tensions involving ships, drones and military installations have increased uncertainty over regional security and global energy supplies.
