Indian Equity Markets Slide as Crude Oil Prices Soar Above $91 a Barrel

Domestic equity benchmarks in India traded lower on Tuesday due to a spike in crude oil prices above $91 a barrel. The rise in Brent crude, which gained 0.60% from its previous close, weighed heavily on investor sentiment amid fading hopes of the US-Iran peace deal.

The Sensex declined by 365 points or 0.47% to 77,362, hitting an intraday low, while Nifty traded 76 points or 0.31% lower at 24,211. The top loser was Nifty IT, which slumped more than 1%, followed by Nifty MidSmall IT & Telecom and Nifty Realty.

However, analysts noted that domestic institutional investors could step in to buy significant dips, while retail investors may use market declines to accumulate quality stocks for the long term. They also highlighted the resilient Indian economy and signs of an earnings growth turnaround as potential support for domestic equities.