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Indian stocks slide to fresh three-month lows amid crude and yields
Nifty hit an intraday low of 21,064 and Sensex fell to 72,064 as Brent rose to $107 a barrel.
Indian equities extended declines for a second session on Tuesday, driven by a combination of higher crude oil prices, rising global bond yields, and a weakening rupee, which rattled investor sentiment, according to LiveMint Markets.
The sell-off was broad-based, with the Nifty and Sensex moving to fresh three-month lows. The 50-stock Nifty touched an intraday low of 21,064, taking its two-session decline to around 571 points, while the BSE Sensex dropped more than 1,800 points across the two sessions and reached an intraday low of 72,064.
Pressure increased as Brent crude futures climbed 1.5% to $107 per barrel, while rising US Treasury yields added to the move, the outlet said. Market participants also grew concerned about a potentially weak earnings season, further weighing on sentiment.
VT Markets analyst Ruchit Thakur said the surge in crude prices changed the nature of the market correction, LiveMint Markets added.
Latest closeWTI crude $93.42 ▲1.1%|Brent $98.85 ▼5.2%|Sensex 73,895.74 ▲0.4%