Sensex tumbles 813 points amid escalating tensions in West Asia, oil price surge
Indian stock markets experienced a significant decline for the third consecutive day, with the Sensex falling over 800 points. The downturn is primarily driven by rising crude oil prices and geopolitical tensions in West Asia.
Why it matters
The market volatility reflects investor anxiety over global energy supply chains and potential inflationary pressures impacting the Indian economy.
Market benchmark indices ended lower for the third straight day on Wednesday, with the Sensex tumbling 813.35 points and the Nifty dropping below 23,450, as escalating tensions in West Asia drove crude oil to over $100 per barrel.
Selling in IT stocks and fresh foreign fund outflows also dented investors' sentiment.
The 30-share BSE Sensex tanked 813.35 points, or 1.08%, to settle at the day's low of 74,764.23.
The 50-share NSE Nifty declined 203.60 points, or 0.86%, to end at 23,431.50.
Among the 30 Sensex firms, HCL Tech dropped the most by 4.55%. Infosys, Tech Mahindra, Tata Consultancy Services, HDFC Bank and Hindustan Unilever were also among the major laggards.
Adani Ports, Tata Steel, Trent and NTPC were among the winners.
Brent crude, the global oil benchmark, jumped 2.67% to $100.5 per barrel.
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