Stock Market
Sensex plunges 1,600 pts, Nifty below 22,400 as oil price spike rattles markets
Mumbai/IBNS: The Indian equity benchmarks ended sharply lower on Monday, extending losses from the previous session amid sustained selling pressure, media reports said.
The BSE Sensex plunged 1,636 points to close at 71,948, while the NSE Nifty 50 settled 488 points lower at 22,331.
Nearly ₹10 lakh crore was wiped out from BSE-listed companies as investor sentiment remained weak, largely due to rising crude oil prices triggered by the ongoing West Asia conflict.
Banking and financial stocks led the decline, with shares of HDFC Bank, ICICI Bank, and State Bank of India falling nearly 5 percent.
Meanwhile, Brent crude prices surged by 3 percent to $115 per barrel as the Iran war entered its fifth week, disrupting global supply chains.
The Indian rupee also weakened further, breaching the 95 mark and hitting a record low of 95.22 against the US dollar.
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