India's Stock Market Crashes as Crude Oil Prices Surpass $105 and Global Yields Soar

The Indian stock market witnessed a sharp decline on Thursday due to rising crude oil prices, higher US Treasury yields, and renewed geopolitical concerns. The Nifty 50 fell 383 points or 1.64% to close at 23,063.10, while the Sensex declined more than 1,000 points to close at 73,580.54.

The sharp rise in crude oil prices was a major concern for investors as Brent crude prices climbed above $105 per barrel. This increase could lead to higher import bills and pressure on margins across fuel-sensitive sectors.

Higher US Treasury yields also added to the risk-off sentiment, with the 10-year yield climbing to around 5.16%. The rise in yields can affect equity valuations and reinforce expectations of elevated interest rates for longer periods.