Indian Stock Market Declines Amid Rising Crude Oil Prices and Weak Global Markets
The Indian stock market experienced a decline on Tuesday due to several factors. The Sensex fell by 392.18 points, or 0.5%, to reach 77,335.98, while the Nifty dropped 93.35 points, or 0.38%, to 24,194.30.
The rising crude oil prices are a major concern for India as it is a significant oil importer. Brent crude surged to $91.46 per barrel after Iran indicated a more aggressive stance and US President Donald Trump ruled out extending the ceasefire arrangement. Higher crude prices can lead to an increase in import bills and revive inflation concerns.
The weak global markets, foreign investor selling, rising US bond yields, rupee weakness, and losses in IT stocks are also contributing to the decline of Indian equities. Foreign Institutional Investors (FIIs) sold Indian equities worth Rs 2,535.10 crore on Monday, marking their highest selling in three weeks.