Indian Stock Market Opens Lower Amid Rising Oil Prices and West Asia Tensions

The Indian stock market saw a weak start to the day amid rising global tensions and crude oil prices. The Sensex opened at 76,515.10, down 239.95 points or 0.31 per cent, while the Nifty started the session at 23,904.80, slipping 91.45 points or 0.38 per cent.

The sector-wise performance was not encouraging, with the Nifty Oil & Gas index being the worst performer, declining nearly 1 per cent. Other losers included Nifty Pharma, Nifty Realty, and Nifty PSU Bank.

On the other hand, Nifty FMCG and Nifty MidSmall IT & Telecom traded in the green.

The rising crude oil prices were largely attributed to the intensifying West Asia crisis, which saw the Houthis attacking Saudi Arabian tankers in the Red Sea. As a result, Brent crude prices surged 2.57 per cent to trade above $96 per barrel, while US West Texas Intermediate (WTI) crude gained more than 2 per cent to $88.67 per barrel.