Indian Stock Markets Decline Amid Rising Crude Prices and West Asia Tensions
Stock markets in India experienced a decline in early trade on August 18, as rising crude oil prices and escalating tensions in West Asia weighed heavily on investor sentiment.
The BSE Sensex dropped by 278.32 points to 77,450.64, while the Nifty fell by 57.65 points to 24,230.45.
Bharti Airtel, Asian Paints, InterGlobe Aviation, Infosys, HCL Tech, and Tech Mahindra were among the major laggards in the Sensex pack.
However, Reliance Industries, Sun Pharma, Maruti, and Axis Bank showed gains.
The Brent crude price rose 0.63% to $91.46 per barrel, influenced by escalating tensions between Iran and the US.
V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, noted that two key factors are affecting the market: elevated crude prices and increasing US 10-year bond yields.