Indian Markets Plummet Amid Crude Oil Price Surge and Global Yield Hikes
The Indian equity markets closed lower on Thursday, September 3, as surging crude oil prices and elevated global yields kept investors cautious.
The BSE Sensex closed at 76,152.86, down 417.49 points or 0.55 per cent, while the Nifty 50 ended at 23,873.45, lower by 41.00 points or 0.17 per cent.
Vinod Nair, Head of Research at Geojit Investments Limited, said that the market's recovery attempt lost steam due to geopolitical tensions and elevated global yields offsetting supportive global cues and renewed FII inflows.
Nair noted that banking and realty stocks provided leadership, while small-cap stocks attracted investor interest, reflecting confidence in domestic growth prospects. However, high crude oil prices continued to act as a key overhang for the domestic market.