Due to the US-Iran tension, crude oil prices have reached above 85 dollars per barrel. India imports most of its crude oil from other countries.
Stock Market Opens Weak, Sensex Dips Over 340, Nifty Trades Below 24,100: Amid rising geopolitical tensions in West Asia, the domestic stock market witnessed a lower opening on Tuesday. Rising crude oil prices have also put pressure on the market.
The BSE Sensex fell 340 points to trade around 77,270 in early trade, while Nifty fell by 72.85 points or 0.30% to close at 24,070. Meanwhile, the rupee also fell by 0.46 per cent in early trade today and crossed 96 against the dollar for the first time.
Due to the US-Iran tension, crude oil prices have reached above 85 dollars per barrel. India imports most of its crude oil from other countries. Higher crude oil prices have raised concerns about inflation and rising cost for companies. As a result the domestic stock market have come under pressure.
The Nifty Midcap 100 lost 0.21 percent. The Nifty Smallcap 100 was down 0.41 percent and the Nifty 500 was down 0.32 percent. Market experts say that global events and crude oil prices will determine the direction of the market. In such a situation, instead of taking big decisions in haste, investors are being advised to keep an eye on selected stocks and be cautious in the midst of ups and downs and invest by planning.
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