Indian stock markets, including the Sensex and Nifty, experienced a sharp decline in early trade as global crude oil prices surged above $120 per barrel, compounded by weak international market trends and persistent foreign fund outflows.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices, Sensex and Nifty, plunged significantly in early trade due to a sharp rise in crude oil prices.
- Brent crude, the global oil benchmark, surged over 4 per cent to trade at $122.8 per barrel.
- Foreign Institutional Investors (FIIs) continued to offload equities, selling Rs 2,468.42 crore on Wednesday.
- Weak global market trends, with most Asian and US markets trading lower, contributed to the domestic market's decline.
- Geopolitical tensions and supply disruption concerns are keeping risk appetite subdued and markets sensitive to news.
Benchmark indices Sensex and Nifty slumped in early trade on Thursday amid a sharp spike in crude oil prices, weak global trends and foreign fund outflows.
The 30-share BSE Sensex tumbled 821.79 points to 76,674.57 in early trade. The 50-share NSE Nifty dived 287.3 points to 23,890.35.
Market Laggards and Gainers
From the 30-Sensex firms, InterGlobe Aviation, Eternal, UltraTech Cement, Mahindra & Mahindra, Axis Bank and Adani Ports were among the biggest laggards.
Bajaj Finance, Bajaj Finserv, Tech Mahindra, Infosys and Power Grid were the gainers.
Global Oil and FII Activity
Brent crude, the global oil benchmark, traded 4.08 per cent higher at $122.8 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,468.42 crore on Wednesday, according to exchange data.
International Market Performance
In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index were quoting lower, while Shanghai's SSE Composite index traded marginally higher.
US markets ended mostly lower on Wednesday.
Expert View: What Investors Should Watch Next
"The Dow Jones Industrial Average closed lower as crude oil extended its rally... At the same time, the Federal Reserve maintained status quo on interest rates, offering limited support to risk assets," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
The persistence of geopolitical tensions, particularly around supply disruptions, is keeping risk appetite subdued and markets highly sensitive to headlines, he added.
