Indian Stock Market Slumps Amid Geopolitical Tensions and Crude Oil Price Surge
The Indian stock market ended lower on Monday due to simmering geopolitical tensions and elevated crude oil prices. The 30-share BSE Sensex declined by 171.72 points, or 0.22 per cent, to settle at 77,369.11. Among the laggards were Adani Ports, Bharat Electronics, Bajaj Finance, Bajaj Finserv, Trent, Axis Bank, State Bank of India, and Tata Consultancy Services.
The 50-share NSE Nifty slipped by 32.95 points, or 0.14 per cent, to end at 24,219.05. Brent crude, the global oil benchmark, dropped by 1.68 per cent to USD 92.80 per barrel. Analysts attributed the market's weakness to renewed concerns over the Middle East and selling in banking and financial stocks.
Ponmudi R, CEO of Enrich Money, said that Indian equity markets ended lower due to 'weakness across Asian markets' and investor caution ahead of fresh US sanctions on Iran. Vinod Nair, Head of Research at Geojit Investments Ltd, noted that Brent crude eased on profit-taking but remained above the USD 90/bbl mark.