1 hr ago
Indian Markets Tumble as Crude Prices and Tensions Hit Sentiment
Indian stock markets fell sharply early on Monday.
The Sensex lost 730 points, while the Nifty dropped 231.50 points.
This means many large Indian companies became less valuable in the market.
Oil prices rose to about USD 106.7 per barrel.
Investors were worried about geopolitical tensions and possible disruptions to oil supplies.
Asian markets were also mostly lower.
Foreign investors had sold Indian shares worth Rs 3,693.93 crore on Friday.
On the previous Friday, both Indian indexes had gained.
Analysts said markets may remain cautious while oil prices and uncertainty stay high.
Sensex fell 730 points to 73,170.12 in early Monday trade.
Nifty dropped 231.50 points to 22,908.95 during the session.
All 30 Sensex companies traded lower, led by major financial and industrial stocks.
Brent crude rose 2.27% to USD 106.7 per barrel amid geopolitical concerns.
Foreign investors sold equities worth Rs 3,693.93 crore on Friday.
- Who
- Indian equity investors, domestic companies listed on the Sensex and Nifty, and foreign institutional investors.
- What
- The Sensex and Nifty fell sharply in early trade, declining 730 points and 231.50 points respectively.
- Where
- Indian stock exchanges, with broader weakness also reported in several Asian markets.
- When
- Early trade on Monday; the latest foreign-investor selling cited occurred on Friday.
- Why
- Surging crude oil prices, geopolitical uncertainty, weak Asian markets, and foreign fund outflows weighed on investor sentiment.
Key facts
- Sensex level
- 73,170.12 after falling 730 points
- Nifty level
- 22,908.95 after declining 231.50 points
- Brent crude
- Up 2.27% at USD 106.7 per barrel
- Foreign institutional selling
- Rs 3,693.93 crore of equities sold on Friday
- Leading laggards
- Bajaj Finance, Kotak Mahindra Bank, HDFC Bank, Bajaj Finserv, Hindustan Unilever, Mahindra & Mahindra, Larsen & Toubro, and Bharat Electronics
- Previous close
- Sensex gained 315.20 points and Nifty rose 77.40 points on Friday
Quotes
Ponmudi R
CEO of Enrich Money, an online trading and wealth-tech firm
“Indian equity markets are likely to remain cautious as renewed geopolitical uncertainty and a rebound in crude oil prices weigh on investor sentiment.”
deccanchronicle.com
Sources
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