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Mumbai: Indian stock markets witnessed heavy selling pressure on Wednesday as global market weakness, rising Iran-US tensions, and surging crude oil prices dented investor sentiment. Both the Sensex and Nifty traded sharply lower during early trade.
The BSE Sensex plunged more than 500 points to around 74,667, while the NSE Nifty slipped below the crucial 23,500 mark.
Share Market Crash: Major Losers in Today’s Trade
Among the biggest laggards on the Sensex were Tata Steel, Mahindra & Mahindra, Maruti Suzuki, UltraTech Cement, and Bharat Electronics.
Meanwhile, shares of Infosys, TCS, Reliance Industries, and Tech Mahindra showed some resilience and traded in the green.
Rising Crude Oil Prices Add Pressure on Markets
International crude oil prices surged above $110 per barrel, increasing concerns for oil-importing economies like India.
Market experts believe that higher crude prices could fuel inflation and put additional pressure on the Indian rupee, negatively impacting overall market sentiment.
Global Market Weakness Impacts Indian Equities
Asian markets also traded lower, with Japan’s Nikkei, South Korea’s Kospi, China’s Shanghai Composite, and Hong Kong’s Hang Seng Index witnessing declines.
US markets had also closed in the red in the previous trading session, adding to the negative global cues.
FII Selling Increases Market Volatility
According to stock market data, Foreign Institutional Investors (FIIs) remained net sellers on Tuesday and offloaded shares worth over ₹2,457 crore. Continuous foreign fund outflows are further weighing on the market.
Analysts believe that market volatility may continue until global geopolitical tensions ease and crude oil prices stabilize.
