Indian Stock Market Plunges as Crude Oil Prices Soar

The Indian benchmark indices started Tuesday on a bearish note, with the Sensex plummeting over 300 points and Nifty hovering below 24,300 due to elevated crude oil prices and renewed geopolitical concerns.

Brent crude rose to USD 91 per barrel while WTI reached USD 85 as President Trump's statement on not extending the US-Iran memorandum and threatening military action against Oman weighed heavily on investor sentiment.

As a result, the benchmark indices opened with a gap down; Sensex started at 77,418.97, down from its previous close of 77,728.16, and was trading at around 77,442.77, down 285.39 points or 0.37%.

Nifty also opened lower, at 24,223.85 against its previous close of 24,287.65, and was trading at around 24,230.40, down -57.25 points or 0.24% at the time of reporting.