Benchmark indices Sensex and Nifty closed sharply lower amid a fresh surge in crude oil prices, and renewed uncertainty surrounding US-Iran talks weighed heavily on investor sentiment. The 30-share BSE Sensex plunged 1124.02 points or 1.52 per cent to settle at 72,771.72. During the day, the benchmark hit a high of 73,740.85 and a low of 72,716.23, gyrating 1,024.62 points. The 50-share NSE Nifty ended with a fall of 360.25 points or 1.56 per cent and closed the session at 22,780.25. Similarly, the broader market closed in the red. While the BSE MidCap Select Index shed 251.23 points or 1.39 per cent, the BSE SmallCap Select Index fell 174.28 points or 1.90 per cent.
Among sectoral indices, Nifty PSU Bank and Nifty Realty fell 3.24 per cent and 2.12 per cent, respectively.
What led to the crash today?
“The weekend rejection of an Iranian proposal reduced expectations of an immediate de-escalation, restoring the geopolitical premium in crude. Elevated US bond yields and persistent foreign selling added to the pressure. Banks became the principal domestic drag as heavyweight private and public-sector lenders declined, while weakness extended across all major sectors,” said Hariselvan Radhakrishnan, Founder & CEO of HST Wealth.
Crude oil emerged as the dominant pressure point, with WTI rising above USD 95 a barrel and Brent crude climbing past USD 108 amid heightened concerns over prolonged supply disruptions. The sharp rise in oil prices added to pressure on risk assets and reinforced concerns around India’s external balances and inflation outlook.
Top gainers and losers
Among the 30-Sensex firms, Infosys was the only stock that ended in the green today. On the flip side, L&T, Power Grid, Adani Ports, HDFC Bank and Hindustan Unilever were among the laggards. Shares of L&T fell 2.81 per cent today.
Today, shares of 1 out of 30 Sensex companies closed in the green, while the remaining 29 closed in the red. On the other hand, shares of 3 out of 50 Nifty 50 companies closed in the green, with gains, while the 47 other closed in the red. One stock remained unchanged.
Rupee traded weak
Meanwhile, the Indian Rupee fell 0.19 per cent to 96.00, as dollar strength and higher crude prices continued to weigh on the currency.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)