Commodities
Indian Stock Markets Tumble Amid Rising Oil Prices and West Asia Tensions
Stock markets in India took a hit on Wednesday, September 9, as rising tensions in West Asia pushed crude oil prices near $100 per barrel. The Sensex plummeted 500.25 points to 75,060.61, while the Nifty declined by 129.40 points to 23,506.10. Among the losers were HCL Tech, Tech Mahindra, Infosys, Tata Consultancy Services, and Hindustan Unilever. However, some stocks like NTPC, Larsen & Toubro, Power Grid, and Adani Ports managed to buck the trend.
Analysts warn that sustained crude prices above $100 could lead to higher inflation, a weaker rupee, and squeezed corporate margins. Brent crude traded 1.44% higher at $99.33 per barrel, while WTI crude remained in the $94-95 per barrel range due to geopolitical tensions.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹123.19 crore on Tuesday, which added to the market's woes. The US markets were also in negative territory on Tuesday, with the Sensex dropping 555.23 points, or 0.73%, to settle at 75,577.58.