Lagatar24 Desk
Rising geopolitical tensions in the Middle East and crude oil prices crossing $100 per barrel triggered a sharp decline in the Indian stock market on Thursday. Investor sentiment weakened amid fears of global energy disruptions and inflationary pressure.
Sensex And Nifty Open Lower, Extend Losses
The stock market opened with significant losses as the Sensex fell 494 points to start the day at 76,369.65. The Nifty 50 also declined by around 192 points, or about 0.80 percent, opening at 23,674.85.
As trading progressed, the decline deepened further. The Sensex slipped by 821.51 points to trade at 76,042.20, while the Nifty dropped 255.50 points to reach 23,611.5.
Most Stocks Trade In Red
Out of the 30 stocks in the Sensex index, only two were trading in the green, while the remaining 28 were in the red. Tech Mahindra was among the few gainers with a rise of around 0.31 percent. Meanwhile, Eternal recorded the sharpest fall, dropping about 4.49 percent during the session.
Foreign Investors Continue Selling
Market experts say the surge in crude oil prices, a strengthening US dollar, and continued selling by foreign institutional investors are putting pressure on the markets.
Banking and market expert Ajay Bagga noted that foreign investors are using every market rally as an opportunity to sell shares, preventing sustained recovery in the indices.
Hormuz Strait Risk Adds To Market Concerns
According to reports, Iran’s naval chief has warned that ships passing through the Strait of Hormuz may require permission from Iran, otherwise they could become targets. This has raised fears of disruption to global oil supply routes.
Meanwhile, WTI crude oil prices have crossed $100 per barrel, increasing concerns about rising inflation and pressure on the global economy.
Global Markets Also Under Pressure
Almost all sectoral indices in the Indian market were trading lower. Nifty Auto, PSU Bank, and Realty sectors saw the sharpest declines, each falling more than 2 percent. FMCG, IT, and Pharma stocks also remained weak.
In the commodities market, gold was trading around ₹1,61,629 per 10 grams (24 carat), while silver prices were approximately ₹2,67,121 per kilogram.
Asian markets also witnessed declines, with Japan’s Nikkei 225 falling about 2 percent. Hong Kong’s Hang Seng, Singapore’s Straits Times, and South Korea’s Kospi index were also in negative territory.
In the United States, Wednesday’s session showed mixed trends, with the S&P 500 and Dow Jones declining while the Nasdaq recorded slight gains.
