Indian Markets Decline Amid Rising Oil Prices and West Asia Uncertainty
Indian equities opened lower on Monday amid rising crude oil prices and renewed uncertainty surrounding West Asia. The BSE Sensex lost nearly 500 points, testing 73,400, while the NSE Nifty50 crashed more than 150 points to breach 23k.
The subdued opening comes after domestic equities extended their losing streak in the previous week, with investors closely monitoring geopolitical developments, energy prices, and global interest rates. The GIFT Nifty indicated a weak start for domestic equities, with futures trading at 23,118.50, down 69 points.
Higher crude prices remain a key concern for Indian equities, given the country's dependence on imported oil and the potential implications for inflation, the current account deficit, and corporate margins. Brent crude futures rose 1.55% to $106 per barrel on the Intercontinental Exchange.