Indian Stock Market Suffers Sixth Consecutive Day of Losses Amid Crude Oil Price Surge
The Indian stock market suffered its sixth consecutive day of losses on Tuesday, with the Sensex plummeting 493 points and the Nifty dipping to 24,154.90.
The 30-share BSE Sensex fell by 0.63% to settle at 77,235.46, while the 50-share NSE Nifty declined by 0.55% to end at 24,154.90.
Among the Sensex pack, Asian Paints, Infosys, HCL Tech, Bharti Airtel, Tata Consultancy Services, and Hindustan Unilever were among the major losers.
The rise in crude oil prices to USD 91.02 per barrel was a key factor contributing to market sentiment, according to Vinod Nair, Head of Research at Geojit Investments Ltd.
Fading hopes for a diplomatic breakthrough in the Middle East also weighed on investor sentiment, with foreign institutional investors offloading equities worth Rs 2,535.10 crore on Monday.