Sensex Plunges 503 Points as Crude Oil Tops $107
The Indian equity markets suffered significant losses on Tuesday, with the Sensex dropping 503 points to 72,260.09 in early trade.
The 30-share BSE Sensex and the 50-share NSE Nifty both fell, with the latter slipping below 22,650.
Brent crude prices climbed 1.74 percent to USD 107.1 per barrel due to continued uncertainty over the West Asia conflict and concerns about potential supply disruptions through the Strait of Hormuz.
Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth-tech firm, said that Indian equity markets are expected to remain under pressure due to elevated crude oil prices and persistent uncertainty over the US-Iran conflict.