Nifty slides 1%, Sensex sheds 691 points as crude tops $110 and Asia bleeds

Equity markets opened sharply lower on Thursday as surging crude oil prices and geopolitical tensions in West Asia dampened investor sentiment. The BSE Sensex, which closed at 73,709.69 on Wednesday, traded at 73,018.66, down 691.03 points or 0.94 percent. The NSE Nifty 50, which closed at 22,811.35, traded at 22,580.45, down 230.90 points or 1.01 percent.

Only two stocks on the Nifty 50 finished in positive territory. Eternal led the gainers with a 1.90 percent rise to ₹318.30, while Infosys edged up 0.09 percent to ₹1,169.05. Coal India was the worst performer, falling 2.82 percent to ₹396.00. The IT sector, which gained 2.88 percent the previous day, retains a positive bias from Wall Street’s tech-driven gains.

However, chemical, metal, auto, realty and defense stocks continued to face pressure. Broader markets suffered as Nifty Midcap 100 fell 1.60 percent to a six-month low and Nifty Smallcap 100 plunged 2.40 percent to a four-month low. Brent crude traded at $110.69 a barrel, up 1.72 percent, while WTI crude stood at $98.52, up 1.41 percent.

The Houthi rebels attacked a Saudi Aramco oilfield and the U.S. ordered its diplomats to leave Saudi Arabia, intensifying fears of supply disruptions. Asian markets also retreated, with South Korea’s KOSPI falling 2.1 percent, Hong Kong’s Hang Seng declining 2 percent, and Japan’s Nikkei 225 slipping 0.7 percent.