Indian Stocks Fall Amid Global Turmoil and Rising Crude Oil Prices

The Indian stock market opened lower on Monday, weighed down by weakness across Asian markets and a sharp rise in crude oil prices due to renewed tensions in the Middle East.

The Sensex opened at 77,130.73, down 133.78 points or 0.17 per cent, while Nifty fell 58.10 points or 0.24 per cent to 24,117.55.

Nifty Metal was the top loser, falling 1.70 per cent, followed by Nifty IT which declined 1.32 per cent. Nifty Media and Nifty PSU Bank also fell up to 1 per cent.

Market experts attributed the decline to Fed chief Kevin Warsh's statement that if inflation persists at rates higher than the Fed's long-term target, 'we have work to do', which has been interpreted as a signal of a possible rate hike at the FOMC meeting scheduled for September 15-16.