Indian Stock Market Tanks on Crude Oil Price Surge
The Indian stock market experienced a significant downturn on Thursday, as benchmark indices Sensex and Nifty plummeted due to a surge in crude oil prices. The 30-share BSE Sensex tanked 1,247.71 points, or 1.67 per cent, to settle at 73,580.54, while the 50-share NSE Nifty dropped 383.70 points, or 1.64 per cent.
The sharp decline was led by selling in blue-chip stocks such as Reliance Industries and bank stocks. Among the 30 Sensex firms, 29 ended lower, with Bajaj Finance, Axis Bank, Bajaj Finserv, InterGlobe Aviation, Trent, and Mahindra & Mahindra experiencing significant losses.
The global oil benchmark, Brent crude, jumped 2.36 per cent to USD 105.4 per barrel, contributing to the market's downward trend. The spike in oil prices had a ripple effect on the Indian stock market, leading to a decline in investor confidence and a subsequent sell-off in stocks.