Sensex, Nifty slide amid global jitters, crude above $110, rupee hits fresh low

Indian stock markets opened sharply lower on Wednesday amid weak global cues, rising geopolitical tensions in West Asia and fears of fresh economic instability linked to a possible Iran-US conflict.

The Sensex opened 394 points lower at 74,806 and later crashed as much as 671 points to touch an intraday low of 74,529. The Nifty also slipped over 220 points to 23,397 during early trade before showing partial recovery. At the time of reporting, Sensex was trading around 74,972 while Nifty hovered near 23,556.

Broader market sentiment remained weak, with heavy selling across sectors including realty, media, chemicals, auto, FMCG and PSU banks. Realty and media stocks emerged among the worst performers, while India VIX — the market’s volatility gauge — jumped over 3%, signalling rising investor nervousness.

Global uncertainty intensified after renewed tensions involving Iran and the United States triggered fears of disruption in global oil supply. Brent crude continued to trade above $110 per barrel despite slight intraday easing, while US WTI crude remained above $103. Analysts warned that sustained high crude prices could push fuel prices higher and further worsen inflationary pressure in India.

Meanwhile, gold and silver prices also witnessed sharp correction. Silver fell by ₹3,269 while gold dropped ₹1,121 during the session, though both precious metals continued to trade in a narrow range later in the day.

Asian markets remained under pressure for the fourth consecutive session. Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s KOSPI all traded in the red, reflecting broader global risk aversion. Overnight, Wall Street also closed lower, with the S&P 500 and Nasdaq ending down 0.67% and 0.87% respectively.

The Indian rupee weakened further against the US dollar amid rising global uncertainty and crude oil concerns. Market reports claimed the rupee touched a fresh low near 96.89 against the dollar, intensifying fears over imported inflation and pressure on the Indian economy.

Technical analysts said the Nifty continues to trade below key moving averages and important Fibonacci retracement levels, indicating that bearish sentiment still dominates the market despite intermittent recovery attempts.

 (This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)