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Oil Surges, Markets Tumble Amid Geopolitical Fears
23 Apr
Summary
- Indian equity benchmarks Sensex and Nifty fell for second day.
- Brent crude oil surged to around $103 per barrel.
- Market sentiment hit by geopolitical tensions and foreign fund outflows.
Indian equity benchmarks, Sensex and Nifty, experienced a significant decline for the second straight session. This downturn was primarily attributed to rising crude oil prices, which saw Brent crude surge to around $103 per barrel amid geopolitical uncertainties related to US-Iran talks and the Strait of Hormuz. Weak Asian market cues and continuous foreign fund outflows exacerbated the sell-off.
The S&P BSE Sensex dropped by 852.49 points to 77,664, while the Nifty 50 index fell by 205.05 points to 24,173.05. Major index contributors to the decline included HDFC Bank, ICICI Bank, and Reliance Industries. The broader market also saw a dip, with the BSE MidCap and SmallCap indices shedding points. The NSE's India VIX, a volatility gauge, rose.
Economic indicators showed positive manufacturing and services PMI readings for April 2026, with the Composite Output Index at 58.3. The Ministry of Petroleum and Natural Gas dismissed reports of an impending petrol and diesel price hike, assuring consumers of stable fuel prices despite global volatility. In currency markets, the rupee edged lower against the dollar, closing at 94.1200.
