Indian Stock Markets Slide Amid Rising Crude Oil Prices
Stock markets across India faced a downturn in early trade on Friday, August 7, due to rising crude oil prices and financial stocks. The benchmark indices Sensex and Nifty declined significantly, with Sensex dropping 235.36 points to 78,699.80 and Nifty dipping 24.30 points to 24,608.25.
Among the major laggards from the Sensex pack were Bajaj Finance, Bajaj Finserv, Trent, ICICI Bank, Bharti Airtel, and Eternal. On the other hand, Tata Consultancy Services, Tech Mahindra, HCL Tech, and Infosys performed well.
The global oil benchmark Brent crude traded 1.16% higher at $83.45 per barrel, contributing to the decline in stock markets. Foreign Institutional Investors (FIIs) sold equities worth ₹17.86 crore on Thursday, August 6, as per exchange data.
Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, stated that overnight Wall Street retreated after recent record highs due to renewed concerns over energy prices and geopolitical uncertainty.