Indian Stock Markets Plummet Amid Crude Oil Price Hike
The Indian stock markets experienced a sharp decline in early trade on Monday, with both Sensex 30 and Nifty 50 plummeting by over 300 points and 60 points respectively.
The selling pressure was attributed to the rise in crude oil prices, which reached $89.40 per barrel for Brent crude futures, up 1% from the previous day. West Texas Intermediate crude futures also rose 44 cents to touch $82.83 a barrel.
IT majors such as TechM, TCS, HCLTech, Hindustan Unilever, and Infosys were among the prominent laggards, with declines ranging from 1.14% to 1.37%.
Rajesh Agarwal of AUM Capital noted that Indian benchmark indices remained under pressure on Friday due to selling in metal, auto, and IT stocks, amid elevated crude oil prices and ongoing geopolitical concerns.