Indian Stock Market Plunges as Crude Oil Prices and Bond Yields Weigh Heavily

The Indian stock market suffered a sharp decline on Tuesday, with both the Sensex and Nifty closing at their lowest levels in months. The BSE Sensex fell by 778 points, or 1.04%, to close at 74,003.82, while the NSE Nifty dropped 279.50 points, or 1.19%, to 23,118.60.

The decline was largely driven by rising crude oil prices and higher global bond yields, which weighed on investor sentiment. Brent crude traded above USD 107 a barrel during the session, making domestic markets sensitive to sharp moves in global energy prices.

According to Vinod Nair, Head of Research at Geojit Investments Limited, 'Domestic markets remained under pressure, extending their recent correction as elevated crude oil prices and rising global bond yields weighed on sentiment.'

Not all sectors were hit equally hard, however. The information technology sector bucked the trend, with HCL Technologies rising 3.98%, Infosys gaining 3.64%, Tech Mahindra advancing 2.31%, and Tata Consultancy Services climbing 2.18%.