Stock Market
Dalal Street reels: Sensex crashes over 1,800 points as Brent crude crosses $110
Mumbai/IBNS: The Indian stock market witnessed a sharp crash at the opening bell on Thursday, snapping a three-session gaining streak, media reports said.
The BSE Sensex plunged nearly 2,000 points, while the NSE Nifty 50 dropped over 400 points in early trade.
By the second hour, the Sensex was still trading over 1,800 points lower. Meanwhile, the Nifty extended its losses, slipping more than 500 points.
The sharp decline comes amid a surge in global crude prices, with Brent crude crossing the $110 mark following Iran's attack on key energy facilities in the Gulf region.
All sectoral indices opened in the red, with Nifty Realty, Auto, Bank, Financial Services, and Consumer Durables indices falling around 2 percent each.
Adding to the pressure, Gift Nifty dropped 3 percent after the US Federal Reserve kept interest rates unchanged at 3.50–3.75 percent, making US bonds more attractive and triggering foreign institutional investor (FII) outflows from Indian equities.
Market expert Anil Singhvi told Zee Business that he sees immediate support for the Nifty 50 in the 23,150–23,350 range, with a stronger support zone at 22,950–23,100.
For Nifty Bank, Singhvi indicated support levels at 53,675–53,750 and 53,100–53,350, with a further downside support seen at 52,750–52,925.
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