Indian Stock Market Slumps Amid Rising Crude Oil Prices
The Indian stock market began Monday's trading session on a negative note due to rising crude oil prices and ongoing geopolitical tensions in West Asia. The benchmark indices Sensex and Nifty saw significant declines, with Sensex plummeting by 284.85 points to 77,717.05 and Nifty dipping 69.25 points to 24,297.05.
The biggest losers among the Sensex pack were Infosys, Tata Consultancy Services, HCL Tech, Tech Mahindra, Hindustan Unilever, and State Bank of India. On the other hand, Bharat Electronics and Titan managed to post gains. The global oil benchmark Brent crude traded 0.43 per cent higher at $88.86 per barrel.
Experts point out that the current market sentiment is cautious due to persistent geopolitical tensions in the Middle East. Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, noted that 'crude oil remains the principal concern' with Brent holding near $88 a barrel after renewed US warnings against Iran.