Sensex-Nifty
Stock market bleeds: Sensex crashes 900 points, Nifty tumbles 278 amid US-Iran tensions, oil shock
Indian benchmark indices began Monday’s trading session on a negative note, weighed down by escalating tensions between the US and Iran and a rise in crude oil prices.
At 10:06 am, the BSE Sensex stood at 72,992.05, down 903 points, while the Nifty 50 tumbled 277.8 points to trade at 22,862.7.
Except for TCS and Tech Mahindra, all other major stocks in the 30-share BSE Sensex index were trading in negative territory.
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According to reports, both the mid-cap and small-cap indices declined by around 1 per cent each, while the broader markets witnessed intense selling pressure.
Commenting on the market situation, Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments, told Business Standard: “Brent crude at $106 and the US 10-year yield at 5.2% are strong headwinds that are weighing on markets. FPIs, after turning buyers in July and August, have again turned sellers in September. This scenario will keep the market under pressure in the near term.”
The market reaction came as Brent crude futures rose 2 per cent to around $106.5 per barrel.
India, one of the world’s largest crude oil importers, remains vulnerable to elevated oil prices as they can fuel inflation, widen the import bill and put pressure on corporate profit margins.
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