A sharp jolt rattled India’s stock market on Thursday morning, as benchmark indices opened deep in the red amid global and domestic pressures. The BSE Sensex plunged nearly 650 points at the opening bell, extending losses to around 680 points shortly after 9:30 AM.
The Nifty 50 dropped 163 points to hover near 24,221, while the Nifty Bank (Bank Nifty) slid over 400 points, trading around 56,680, reflecting broad-based weakness across sectors.
Despite the sell-off, a few stocks managed to shine in early trade. Dr Reddy's Laboratories surged 5.24%, while Cipla gained nearly 3%. Stocks like Oil and Natural Gas Corporation (ONGC), Indian Railway Finance Corporation, Tata Capital, and Siemens Energy also opened in the green.
On the flip side, notable laggards included TVS Motor Company, Tech Mahindra, Eternal Limited, and Ambuja Cements. Trent Limited also saw its stock slip by nearly 1.5%.
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What triggered the market fall?
Crude oil surge
Rising oil prices are a key concern. Global crude has climbed for four straight sessions, with prices touching $104 per barrel, a level that raises inflation fears and input costs for India, a major oil importer.
Global market jitters
The weakness wasn’t isolated. Asian markets slipped around 1%, while US futures signalled a soft opening on Wall Street, amplifying negative sentiment across global equities.
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Rupee under pressure
The Indian Rupee weakened against the US dollar, adding to investor concerns. Setbacks in West Asia peace talks have pushed oil prices higher, indirectly straining the rupee.
Experts also point to persistent foreign fund outflows as a contributing factor, further weighing on market sentiment.
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