Now Reading: Sensex sinks 388 points, Nifty below 24,500 as crude surges
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Sensex sinks 388 points, Nifty below 24,500 as crude surges
Indian stock markets fell sharply on August 11, with Sensex dropping 388 points (0.49%) to 78,154.25 and Nifty sliding 112 points (0.46%) to 24,471.70. Early trade on August 12 saw further weakness,…
The Story in Brief
Indian stock markets fell sharply on August 11, with Sensex dropping 388 points (0.49%) to 78,154.25 and Nifty sliding 112 points (0.46%) to 24,471.70. Early trade on August 12 saw further weakness, with Sensex dipping 36 points to 78,097 and Nifty 31 points lower to 24,444, as rising crude weighed on sentiment.
Brent crude jumped 2.18% to $89.63 a barrel on Tuesday, hitting $90 early Wednesday, driven by US-Iran tensions over the Strait of Hormuz. Analysts say market gains are capped by the oil spike and uncertainty over negotiations. Foreign institutional investors bought ₹1,974 crore on Monday, offering some cushion. Realty, FMCG, and metal stocks fell, while pharma and IT gained.
The Indian Opinion
The breathless talk of a 'crude shock' needs perspective. Brent is at $90, high, but well below the $120 seen in 2022. FIIs are still net buyers, buying ₹1,974 crore on Monday. Markets are nervous, not broken. The real test will come if the Strait of Hormuz remains blocked through next week, pushing crude past $95. Until then, call this a correction, not a crisis.
Sources (5): thehindubusinessline.com, thehindu.com, thehindu.com (2), thehindu.com (3), timesnownews.com
This story was synthesised by AI from the 5 sources linked above.
Updated: this story now draws on 5 sources.
