Indian Stocks Slide Amid Global Concerns Over Oil Prices and Bond Yields
The Indian stock market began Wednesday's trade on a weak note due to several global factors. The Nifty 50 and Sensex fell by 0.59% and 0.49%, respectively, with the Sensex dropping 373.93 points to 76,570.35.
The GIFT Nifty pointed to a subdued start for Indian markets, down 12 points or 0.05%. This was largely due to concerns over elevated oil prices, higher bond yields, and escalating tensions in West Asia.
Coal India led the gainers with a 3.46% surge, followed by Sun Pharma, ONGC, L&T, Adani Ports, Axis Bank, and many others. However, Asian Paints, HDFC Bank, Mahindra & Mahindra, and HCL Technologies were among the top laggards.
The global markets are trading lower after escalation of tensions across West Asia. Crude oil prices jumped 2% after the US once again struck Iran, with Brent crude futures trading 2.2% higher at $96.59 per barrel.