Indian Stock Markets Plunge Amid Rising Tensions in West Asia
Indian stock markets experienced a steep drop in early trade on Wednesday due to rising tensions in West Asia and higher oil prices. The BSE Sensex fell by 500.25 points to reach 75,060.61, while the NSE Nifty declined by 129.40 points to stand at 23,506.10.
The selling pressure was particularly visible in IT stocks, with HCL Tech, Tech Mahindra, Infosys, Tata Consultancy Services, and Hindustan Unilever being among the major laggards. On the other hand, NTPC, Larsen & Toubro, Power Grid, and Adani Ports managed to buck the trend.
Radhakrishnan, Founder & CEO of HST Wealth, a research analyst firm, noted that sustained crude prices around or above USD 100 could intensify inflationary pressures, weigh on the rupee, squeeze corporate margins, and diminish expectations of monetary easing. Brent crude, the global oil benchmark, traded at USD 99.33 per barrel, while WTI crude held steady in the USD 94-95 range.