Sensex, Nifty Slide as Crude Surges Above $100
Rising oil prices and global uncertainty trigger fresh sell-off in Indian equity markets
- Sensex falls nearly 973 points, Nifty drops over 299 points in early trade
- Brent crude crosses $100 per barrel, sparking investor concerns
- Global cues weak as Dow futures tumble and dollar strengthens
- Markets extend losses after sharp fall in previous session
GG News Bureau
Mumbai, 12th March: Indian benchmark indices Sensex and Nifty resumed their decline on Thursday, as a sharp rise in global crude oil prices and heightened global uncertainty triggered fresh selling in the equity markets.
At the opening bell, the Nifty 50 slipped 299.45 points or 1.22 percent to 23,567.15, while the BSE Sensex fell 972.99 points or 1.27 percent to 75,890.72.
Market sentiment weakened after Brent crude surged above $100 per barrel, raising concerns about inflationary pressures and the potential impact on corporate earnings and economic growth.
Analysts said higher oil prices typically increase input costs for companies and widen India’s import bill, which can negatively affect investor confidence.
Volatility remained elevated due to ongoing global geopolitical tensions and energy market disruptions, prompting many investors to reduce exposure to equities.
Earlier signals from global markets were also negative. GIFT Nifty on the NSE International Exchange (NSE IX) traded 98 points lower, or 0.41 percent, at 23,818, indicating a weak start for domestic markets.
Global cues added to the pressure as Dow futures slid about 500 points overnight, while the US dollar strengthened, making risk assets less attractive for investors.
The sharp fall follows a significant decline in the previous trading session. On Wednesday, the Sensex plunged 1,342.27 points, or 1.72 percent, to close at 76,863.71, while the Nifty 50 dropped 394.75 points, or 1.63 percent, to settle at 23,866.85.
Market participants are closely watching global energy prices, geopolitical developments and upcoming economic data for further cues on the direction of the markets.
