Sensex and Nifty fall over 1% as Brent crude tops $100
Rising oil prices and US–Iran tensions trigger broad sell-off in Indian equities
Indian stock markets opened sharply lower on Thursday as surging global oil prices and rising geopolitical tensions between the United States and Iran dampened investor sentiment.
The benchmark BSE Sensex dropped 972.99 points, or 1.27 per cent, to 75,890.72 in early trading. The Nifty 50 also declined 299.45 points, or 1.22 per cent, to 23,567.15, as selling pressure spread across multiple sectors.
Market volatility increased sharply during the opening session. The India VIX, often referred to as the market’s fear gauge, jumped 6.08 per cent to 22.34 shortly after trading began, reflecting expectations of heightened uncertainty in the near term.
Several heavyweight stocks weighed on the market. Shares of InterGlobe Aviation, Tata Motors, and Larsen & Toubro were among the biggest losers on the Nifty during early trade.
Broader markets performed even worse than the benchmark indices. The Nifty Midcap 100 declined 1.70 per cent, while the Nifty Smallcap 100 fell 1.74 per cent.
Sectoral indices also showed widespread weakness. The Nifty Auto index emerged as the worst performer, while the Nifty Consumer Durables and Nifty Realty indices also recorded notable declines.
In contrast, the Nifty IT index showed relative resilience compared with other sectors, although it too remained slightly in negative territory.
Meanwhile, global oil prices surged sharply amid fears of supply disruptions linked to the ongoing conflict between the United States and Iran. Brent crude rose by more than 9 per cent to about $101.53 per barrel during Asian trading hours.
The May futures contract of Brent crude was also trading more than 8 per cent higher at around $100.6 per barrel, intensifying concerns about rising input costs and potential pressure on inflation in major oil-importing economies.
With IANS inputs