Commodities
Sensex Crashes as West Asia Tensions Send Oil Prices Soaring
The Indian stock market took a hit on Wednesday, with the Sensex plummeting over 600 points. This decline is mirrored in global markets, which are also experiencing a downturn.
The sharp fall in the Sensex and Nifty can be attributed to rising crude oil prices. Brent crude oil prices have surged by 1% to over $95 a barrel, hitting a near-six-week high due to intensified West Asia conflict and stoked inflation fears.
Additionally, global bond yields rose on fears of an imminent US rate hike. Higher US rates tend to make emerging markets less attractive for global investors, further impacting the Indian stock market negatively.