Sensex and Nifty Slide in Early Trade as Crude Oil Surge and Global Weakness Weigh on Sentiment
Mumbai, March 12: Indian benchmark indices Sensex and Nifty fell sharply in early trading on Thursday, as a surge in global crude oil prices and ongoing geopolitical tensions in the Middle East dampened investor sentiment.Weak global market trends and continued foreign institutional investor outflows further added to the cautious mood in domestic equities.
Benchmark Indices Fall in Early Session
The 30 share BSE Sensex declined 992.53 points to 75,871.18 during early trade.Similarly, the 50 share NSE Nifty dropped 310.55 points to 23,556.30, reflecting broad based selling across several sectors.
Major Sensex Stocks Under Pressure
Among the 30 Sensex constituents, several stocks witnessed notable declines.Eternal, InterGlobe Aviation, Mahindra and Mahindra, Adani Ports, Titan, and ICICI Bank were among the major laggards during the early session.
However, a few stocks managed to trade in positive territory. Tech Mahindra, NTPC, and Reliance Industries registered gains amid the broader market weakness.
Crude Oil Surge Adds to Market Concerns
Global crude oil prices rose sharply, adding pressure on equity markets. Brent crude, the international oil benchmark, climbed 8.98 percent to USD 100.24 per barrel, raising concerns over inflation and economic stability.Asian Markets Trade Lower
Asian markets also reflected a negative trend. Key indices including the Kospi in South Korea, Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng were trading lower.Meanwhile, US markets ended mostly lower on Wednesday, adding to the cautious global sentiment.
Foreign Investors Continue Selling
Exchange data showed persistent selling by foreign investors.Foreign Institutional Investors sold equities worth Rs 6,267.31 crore on Wednesday, while Domestic Institutional Investors bought shares worth Rs 4,965.53 crore.
Previous Session Performance
In the previous trading session on Wednesday, Indian markets had already witnessed a steep fall.The Sensex declined 1,342.27 points or 1.72 percent to close at 76,863.71, while the Nifty dropped 394.75 points or 1.63 percent to settle at 23,866.85.
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