Indian Stock Market Crashes as Crude Oil Prices Surge Above $100
The Indian stock market began Thursday on a negative note, with the Sensex and Nifty indices experiencing significant losses. The 30-share BSE Sensex plummeted by 632.68 points to 74,189.55 in early trade, while the 50-share NSE Nifty dropped 216.15 points to 23,222.55.
The decline was led by selling in bank and NBFC stocks, as well as weak trends in global markets. Among the Sensex firms, Bajaj Finance suffered a loss of 4.75%, followed closely by Bajaj Finserv's 3.49% decline. Axis Bank, InterGlobe Aviation, Kotak Mahindra Bank, and HDFC Bank were also among the major laggards.
In contrast, Tech Mahindra, Sun Pharma, HCL Tech, ICICI Bank, and Tata Consultancy Services showed gains. The sharp spike in Brent crude above $100 per barrel weighed heavily on market sentiment, with V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, cautioning that 'so long as these two global headwinds remain, the prospects of a smart recovery in the market appear remote.'