India's Equity Market Plummets Over 700 Points Amid Global Uncertainty
The Indian equity market opened sharply lower on Tuesday due to a broad-based sell-off that pushed the Sensex down over 700 points. The Nifty fell below the 23,800 mark and Nifty Bank slipped under 57,000.
The key sectors of banking, IT, metals, financial services, and automobiles were severely impacted, with major stocks such as Infosys, TCS, Wipro, Shriram Finance, and Mahindra & Mahindra trading lower. Brent crude oil prices surged towards $97 per barrel, triggering selling pressure in crude-sensitive counters like InterGlobe Aviation.
The rising US bond yields, global debt market declines, and heightened West Asia geopolitical tensions fueled investor anxiety. Additionally, automobile exports for Maruti Suzuki and Hyundai Motor India encountered severe disruptions due to international shipping container shortages and cargo vessel scarcities.