Sensex Today: Indian benchmark equity indices remained under heavy pressure in mid-morning trade as investors turned cautious over the economic outlook following a sharp spike in crude oil prices amid the US–Iran conflict.
The Nifty50 dropped over 10 per cent from its record high of 26,373, touched on January 5, marking its entry into the technical correction zone. The Sensex was trading 1,774.20 points or 2.25 per cent down at 77,144.70, and the Nifty50 was trading 536.21 points or 2.19 per cent down at 23,914.25.
Meanwhile, the market fear gauge, India VIX, surged nearly 22% to 24.24 as of 10:29 AM, reflecting heightened investor anxiety amid rising geopolitical tensions and volatile global markets.
Among Nifty50 constituents, InterGlobe Aviation, Shriram Finance, and Larsen & Toubro emerged as the top losers.
The broader market also mirrored the decline in benchmark indices. The Nifty Midcap 100 and Nifty Smallcap 100 fell 2.54% and 2.51%, respectively.
On the sectoral front, the Nifty PSU Bank Index was the biggest laggard, slipping more than 4% at the open. The Nifty Bank Index and Nifty Financial Services Index also remained under pressure.
Oil prices spiked after the intensifying conflict involving the United States and Iran raised fears of tighter global supply and potential disruptions to shipping through the Strait of Hormuz. Crude prices climbed to their highest levels since July 2022.
The global benchmark Brent Crude Oil jumped 19.81% to $111.05 per barrel, while West Texas Intermediate Crude Oil futures surged 22.26% to $111.13 per barrel.
On Friday, Indian markets had already closed sharply lower amid mounting geopolitical concerns. The BSE Sensex plunged 1,097 points, or 1.37%, to settle at 78,918.90, while the Nifty 50 fell 315.45 points, or 1.27%, to close at 24,450.45, slipping below the 24,500 mark.
