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Sensex slides nearly 1% amid Strait of Hormuz and oil-price jitters
Investors shed about ₹3 lakh crore in a day as Brent rose near $90 per barrel on shipping and US-Iran uncertainty.
India's Sensex and Nifty 50 fell for a second straight session on Wednesday, with the Sensex dropping more than 650 points, or 0.8%, to an intraday low of 77,498 and the Nifty 50 declining more than 200 points, or 0.84%, to an intraday low of 24,266, according to LiveMint Markets.
LiveMint Markets said the selloff extended beyond large caps, with Nifty Midcap 100 and Nifty Smallcap 100 also down by up to 0.50%. Overall market capitalisation of BSE-listed firms fell to about ₹490 lakh crore from nearly ₹493 lakh crore in the previous session, the outlet reported.
The decline was linked to persistent uncertainty around the reopening of the Strait of Hormuz and the risk of a US-Iran-related peace deal breaking down. Iran said the Strait of Hormuz would remain closed until the US agrees to its conditions, while reports of sporadic strikes continued, including an attack involving a cargo ship in the Bab el-Mandab Strait and US Central Command action in the Gulf of Oman, LiveMint Markets reported.
LiveMint Markets also pointed to higher oil prices, saying Brent crude rose about 1% to trade near $90 per barrel as disruptions to supply became a concern. The outlet cited VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noting that strengthening Brent kept crude above $89, which could keep oil elevated and constrain a market rebound.
Latest closeWTI crude $83.42 ▲1.6%|Brent $89.26 ▲1.8%|Sensex 78,542.44 ▲0.1%