Sensex, Nifty tumble in early trade amid escalating tensions in West Asia, higher oil prices
Selling in IT stocks and fresh foreign fund outflows also dented investors' sentiment.
The Sensex and Nifty indices experienced a significant decline in early trading on Wednesday due to escalating tensions in West Asia and higher oil prices. The 30-share BSE Sensex dropped 500.25 points to 75,060.61, while the 50-share NSE Nifty fell 129.40 points to 23,506.10. Major IT companies like HCL Tech, Tech Mahindra, Infosys, Tata Consultancy Services, and Hindustan Unilever were among the worst-performing stocks.
On the positive side, NTPC, Larsen & Toubro, Power Grid, and Adani Ports led the gains. Brent crude oil prices surged near $100 per barrel, following the intensification of the US-Iran conflict and the Houthi attacks on Saudi energy infrastructure. Sustained crude prices around $100 could exacerbate inflationary pressures, negatively impact the rupee and current account, squeeze corporate margins, and dampen expectations of monetary easing.
Analysts believe that elevated oil prices will continue to weigh on domestic market sentiment, even if global cues improve.
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- Sensex, Nifty off day’s low, crude prices & IT stocks selloff weigh sentiment thehindubusinessline.com
