Sensex Slumps Amid Crude Price Surge and NSE Listing
The Indian stock market experienced a significant decline in early trade on Thursday, as the Sensex and Nifty indices plummeted by over 600 points and 216 points respectively.
Crude oil prices surged above $100 per barrel, weighing heavily on the market sentiment. Among the major laggards were Bajaj Finance, which dropped 4.75%, and Axis Bank, InterGlobe Aviation, Kotak Mahindra Bank, and HDFC Bank, which also witnessed significant declines.
However, Tech Mahindra, Sun Pharma, HCL Tech, ICICI Bank, and Tata Consultancy Services bucked the trend by rising in value. Despite this, market analyst V K Vijayakumar of Geojit Investments Limited cautioned that the sharp spike in Brent crude above $102 and the US 10-year bond yield rising to 5.11% will continue to impact the market.
The National Stock Exchange (NSE) made its market debut on Thursday, with a listing price of Rs 22,569 crore, which received an overall subscription of 5.71 times.