Indian Stocks Plunge Amid Crude Price Surge and Geopolitical Tensions

The Indian stock market opened on a bearish note on Tuesday, August 18, as the Sensex slid over 300 points and Nifty fell below 24,300. The benchmark indices were influenced by elevated crude oil prices and renewed geopolitical concerns. Brent crude climbed to USD 91 per barrel while WTI topped USD 85 after President Trump's comments on US-Iran relations and military action against Oman.

Nifty IT and FMCG led the decline in the market, while Nifty Realty and Metal emerged as top gainers. Infosys and Indi Go were among the top losers on BSE and NSE respectively. Market analyst Vipin Dixena expects the Indian market to remain under pressure due to elevated crude oil prices and geopolitical concerns.

Devarsh Vakil, HSL Prime Research, noted that Nifty has declined for five consecutive sessions and is trading below its short-term averages. Immediate support is placed around 24,200, near its 50-day EMA. The Indian rupee weakened by 17 paise yesterday to close at 95.60 per dollar.