Sensex Plummets Over 1,200 Points as Crude Oil Prices Surge and Bond Yields Rise

Indian stock markets experienced a significant downturn on Thursday, September 24, as both the Sensex and Nifty indices fell sharply. The Sensex plummeted 1,247.71 points (1.67%) to settle at 73,580.54, while the Nifty dropped 383.70 points (1.64%) to end at 23,063.10.

The decline was driven by a combination of factors, including a surge in Brent crude oil prices to $105.4 per barrel and rising global bond yields, with the US 10-year Treasury yield climbing to 5.11%. The increase in crude oil prices heightened concerns over inflation and potential Federal Reserve rate hikes.

Selling pressure was observed across major sectors, including blue-chip Reliance Industries and banking stocks. Bajaj Finance dropped 5.47%, Axis Bank declined 4.67%, and Bajaj Finserv fell 4.06%.