Stock Market Today: Sensex Falls Over 300 Points, Nifty below 24,300 Due to Elevated Crude Oil Prices

The stock market today has seen a massive fall today as crude oil prices get elevated. The Sensex and Nifty witnessed a huge fall during the trading.

Due to investor concern over escalating crude oil prices and ongoing geopolitical unrest, the Nifty fell under 24,300 and the Sensex dropped over 300 points, prolonging Friday’s decline as Indian equity markets began the day on Monday on a downward trend.

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The Sensex opened with a slight increase at 77,892.92 compared to its previous closing price of 78,009.25 but dropped to 77,655.64 in the morning session, according to reports. Nifty, however, opened at 24,343.45, a little less than the previous close of 24,366. All market indices were in the red, except the pharmaceutical, healthcare and chemical sectors, which were all up.

Crude Oil Price and Exchange Rate:

Brent Crude, which climbed 5 percent last week and puts pressure on India as an import dependent economy, remained close to 88.6 USD per barrel. In addition to the tension, the rupee was hovering at 95.6 against the US dollar. Prior to the start, GIFT nifty had indicated a modest beginning, pointing at roughly 24,407.

Morning Trade:

During the first morning trade, Nifty IT and PSU were the top sectoral losers, falling by more than a percent. According to the report, Nifty was trading at approximately 24,294.60, down 68.20 points or 0.29 percent and the Sensex was trading at around 77,675.05, down 334.20 points or 0.43 percent, reports ANI.

(Disclaimer: Given the input is on an information basis, please seek professional advice.)