Now Reading: Sensex falls 172 points, Nifty 90 on crude oil fears
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Sensex falls 172 points, Nifty 90 on crude oil fears
Indian benchmark indices opened lower on Thursday, with the Sensex down 172.48 points to 77,786.41 and the Nifty slipping 90.35 points to 24,343.50. Elevated crude oil prices, driven by the ongoing US-Iran…
The Story in Brief
Indian benchmark indices opened lower on Thursday, with the Sensex down 172.48 points to 77,786.41 and the Nifty slipping 90.35 points to 24,343.50. Elevated crude oil prices, driven by the ongoing US-Iran standoff over the Strait of Hormuz, continued to weigh on sentiment. Brent crude edged below $89 a barrel but geopolitical risk premiums remained high.
The decline follows a sharper 388-point drop on Tuesday, when crude jumped 2.18% to $89.63 a barrel. Foreign institutional investors sold equities worth Rs 1,002.50 crore on Wednesday, exchange data showed. A benign US inflation print lifted some Asian markets, but domestic concerns about energy costs kept gains in check.
The Indian Opinion
Headlines are calling this a sell-off, but the Sensex has lost less than 0.5% across two sessions, hardly a rout. The Strait of Hormuz tension has been priced in for weeks; the real risk is if oil stays above $90 for a sustained period. Watch the next inflation prints in India and the US. If crude eases, much of this anxiety will vanish overnight.
Sources (2): rediff.com, rediff.com (2)
This story was synthesised by AI from the 2 sources linked above.
