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Business

Sensex plunges 1,124 points to six-month low as oil surge and US-Iran tensions rattle investors

The BSE Sensex plunged 1,124 points to close at 72,771.72 on Monday, its lowest level since early April, as Brent crude surged past $108 a barrel on escalating US-Iran tensions. The Nifty 50 shed 360 points to end at 22,780.25.

By Priya Raman · · 1 min read

India’s benchmark indices tumbled to six-month lows on Monday as surging crude prices, escalating US-Iran tensions and rising US bond yields triggered a broad-based sell-off. The BSE Sensex plunged 1,124.02 points, or 1.52 per cent, to close at 72,771.72 — its lowest level since early April — while the Nifty 50 shed 360.25 points, or 1.56 per cent, to settle at 22,780.25, The Hindu BusinessLine reported.

The sell-off wiped nearly Rs 6 lakh crore from the market capitalisation of BSE-listed companies, with every sectoral index ending deep in the red. The Nifty PSU Bank index was the worst performer, falling 3.24 per cent, while the small-cap and mid-cap indices crashed 1.85 and 1.63 per cent respectively.

Analysts pointed to six factors behind the rout, according to The Economic Times: the escalating Iran-US conflict, jumping oil prices, soaring bond yields, a tumbling rupee, foreign investor outflows and weak global cues. Brent crude surged more than 3.5 per cent to trade above $108 a barrel as geopolitical tensions rattled investors about the broader economic impact of higher oil prices, Times Now reported. The Indian rupee closed at 95.98 to the dollar against Friday’s 95.81.

The sell-off extended the indices’ longest weekly losing streak since 2020, The Economic Times noted.

Sources

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