India's Stock Markets Plunge Amid West Asia Tensions and Soaring Oil Prices
The Indian stock markets continued their downward trend for the third consecutive day due to escalating tensions in West Asia and rising crude oil prices. The benchmark Sensex fell by nearly 374 points, or 0.49%, to settle at 76,570.35. The Nifty also declined, slumping 141.35 points, or 0.59%, to end at 23,914.45.
The decline was fueled by higher crude oil prices and a broad global selloff in equities. Brent crude, the global oil benchmark, climbed 0.40% to USD 95.13 per barrel. Asian markets also fell, with South Korea's Kospi tumbling 3.99%, Japan's Nikkei 225 index dropping 2.85%, and Hong Kong's Hang Seng index ending lower.
Ponmudi R, CEO of Enrich Money, said that rising crude oil prices and higher global bond yields continued to erode risk appetite, keeping investors firmly in risk-off mode. Foreign institutional investors (FIIs) bought equities worth Rs 1,143.38 crore on Tuesday, but this was not enough to stem the decline.