Indian market falls 813 points as crude oil crosses $100
Stock markets in India dropped sharply Wednesday driven by surging oil prices. Global investors are also worried about deepening Middle East tensions.
Indian stock markets fell for the third consecutive day on Wednesday, with major indexes recording significant losses. The Sensex declined 813 points to finish at 74,764, while the Nifty50 dropped approximately 204 points to close at 23,431. Total market capitalization decreased by over Rs 2 lakh crore, ending the session at Rs 484 lakh crore on the Bombay Stock Exchange. Rising oil prices and geopolitical concerns in the Middle East contributed to the downturn. Crude oil recently surged past the $100-per-barrel threshold for the first time since July. Vinod Nair of Geojit Investments noted that markets are pricing in a prolonged conflict, which keeps energy costs high and limits central bank flexibility on growth versus inflation. He added that bond yields and currencies remained volatile, causing investors to adopt a cautious stance.
