The Indian benchmark indices crashed on Tuesday as the Sensex declined over 1,200 points to settle over 74,700 and the Nifty tumbled more than 380 points to close trade at 23,429 at 3:30 PM.
Previously, during the early morning session, the 30-share BSE Sensex dropped 525.44 points to 75,489.84 in early trade, while the NSE Nifty fell 164.5 points to 23,651.35.
Equity benchmark indices plunged in early trade on Tuesday as rising crude oil prices and uncertainty surrounding the West Asia conflict continued to weigh on investor sentiment. Persistent foreign fund outflows also added to the pressure on domestic markets.
Crude Oil Climbs Above USD 105 Per Barrel
Brent crude, the global oil benchmark, rose 0.93 per cent to USD 105.2 per barrel, further dampening market mood amid fears of prolonged geopolitical instability.
“The ongoing US–Iran conflict continues to weigh on global sentiment, keeping risk appetite subdued across financial markets and resulting in heightened headline-driven volatility across equities and commodities. Investors remain wary as uncertainty surrounding the duration and potential outcome of the conflict continues to cloud market confidence,” Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.
Trump Says Iran Ceasefire On “Life Support”
US President Donald Trump on Monday said the ceasefire with Iran was at its weakest and “on massive life support”, a day after he rejected Tehran’s proposal to end the months-long war as “totally unacceptable”.
“It is at its weakest… After reading that piece of garbage they sent us… It’s on life support, massive life support,” Trump told reporters at the Oval Office in response to a question on the ceasefire with Iran following the rejection of the peace proposal.
FIIs Continue Heavy Selling
Foreign Institutional Investors (FIIs) sold equities worth Rs 8,437.56 crore on Monday, according to exchange data.
Across Asian markets, South Korea’s Kospi and Shanghai’s SSE Composite index traded lower, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng index were in the green.
US markets ended higher on Monday.
On Monday, the BSE benchmark Sensex had slumped 1,312.91 points or 1.70 per cent to settle at 76,015.28, while the Nifty declined 360.30 points or 1.49 per cent to close at 23,815.85.
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