Indian Markets Plunge Amid West Asia Tensions and Soaring Oil Prices
The Indian stock markets, Sensex and Nifty, continued their downward trend for the third consecutive day due to escalating tensions in West Asia and rising crude oil prices. The benchmark Sensex closed lower by nearly 374 points on Wednesday.
The fall was also driven by a broad global selloff in equities, with Brent crude oil prices climbing 0.40% to $95.13 per barrel. Ponmudi R, CEO of Enrich Money, attributed the decline to 'renewed US-Iran hostilities' and higher global bond yields.
Among the Sensex firms, Asian Paints, HDFC Bank, Mahindra & Mahindra, HCL Tech, Bharat Electronics, and Infosys were the major laggards. Adani Ports, Bajaj Finserv, Power Grid, NTPC, and Titan were among the winners.
Foreign institutional investors (FIIs) bought equities worth Rs 1,143.38 crore on Tuesday, but their net buying was not enough to stem the decline.