Indian Stock Market Plunges Over 1% Amid Rising Oil Prices
The Indian stock market plummeted on Monday, with the Sensex and Nifty indexes declining over 1%. The combined market capitalisation of BSE-listed companies fell by around Rs 6 lakh crore. Brent crude oil prices rose more than 3% to $107.53 per barrel after US President Donald Trump rejected Iran's latest peace proposal.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, attributed the market weakness to external pressures outweighing domestic factors. He noted that the current economic conditions are resilient and corporate earnings are improving, but the market is steadily going down due to strong headwinds such as Brent crude rising and the US 10-year yield reaching 5.2%.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, identified key levels for Nifty and Sensex to watch, including immediate support at 22,800 for Nifty and 73,200 for Sensex.