MUMBAI: Indian stock markets opened sharply lower on Thursday as rising crude oil prices and growing geopolitical tensions between the United States and Iran weighed on investor sentiment.
Benchmark indices fell in early trade after Brent crude crossed the key mark of $100 per barrel, raising concerns about inflation and economic stability.
The Sensex dropped 972.99 points, or 1.27 per cent, to 75, 890.72 in early trading. The Nifty also slipped 299.45 points, or 1.22 per cent, to 23, 567.15 as selling pressure was seen across several sectors.
“From a technical perspective, the 24, 000–24, 050 zone is expected to act as immediate resistance, while the 23, 600–23, 500 range is likely to serve as a crucial support level, ” an analyst stated.
Market volatility also increased sharply. The India VIX jumped 6.08 per cent to 22.34 soon after the opening bell — indicating that investors expect higher uncertainty in the near term due to the ongoing geopolitical conflict and rising energy prices.
Comments are closed.