Commodities
Indian Stocks Plummet Amid Oil Price Surge and Rate Hike Fears
The Indian stock market suffered a significant decline on Tuesday, with the Sensex plummeting by 778 points to close at a three-month low of 74,003.82. The Nifty also dropped to a five-month low of 23,118.60.
The losses were led by blue-chip banking and oil & gas shares, with Bharat Electronics tumbling 6% among the 30 Sensex firms. InterGlobe Aviation, Titan, Bajaj Finserv, Adani Ports, Mahindra & Mahindra, and State Bank of India also witnessed significant declines.
The decline in the market was attributed to surging oil prices, geopolitical tensions, and weak trends in global markets. Brent crude jumped 1.89% to USD 107.7 per barrel, while US bond yields remained elevated, contributing to the downturn.