Stock Market
Sensex tanks 1,000 pts, Nifty below 22,500 as oil spikes on West Asia tensions
Mumbai/IBNS: The Indian stock market crashed on Monday, with the BSE Sensex nosediving over 1,000 points and the NSE Nifty 50 slipping below the 22,500 mark, media reports said.
The market extended last week’s losses amid escalating tensions in West Asia, which triggered a fresh spike in global oil prices, weighing heavily on investor sentiment.
International benchmark Brent Crude surged over 3% to hit an intraday high of $116.70 per barrel, marking a 52-week high.
Broad-based selling pressure was visible across sectors, with most indices trading in the red. However, metals, media, and oil & gas stocks showed resilience and posted gains despite the broader market downturn.
On the Multi Commodity Exchange (MCX), copper contracts for May delivery rose by Rs. 4.10, or 0.35%, to Rs. 1,171.80 per kilogram, with a business turnover of 177 lots, according to reports.
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Sectorally, banking stocks bore the brunt of the selloff, with Nifty Bank and Nifty PSU Bank emerging as the biggest losers.
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