Indian Stock Market Opens Lower; Sensex Falls 326 Points, Nifty Slips Below 24,000

Mumbai: The Indian stock market opened in the red on the second trading day of the week, with investors adopting a cautious approach following Prime Minister Narendra Modi’s appeal regarding fuel conservation.

On Tuesday, the BSE Sensex, comprising 30 stocks, dropped 326 points to open at 75,688. Meanwhile, the NSE Nifty also declined by 93 points to trade at 23,723, slipping below the crucial 24,000 mark once again.

Despite the weak opening in Indian markets, Asian markets witnessed positive momentum. Japan’s Nikkei 225 index rose 0.2 per cent, while the Topix index gained 0.54 per cent. South Korea’s Kospi surged more than 2 per cent, with the Kosdaq also trading higher. Australia’s S&P/ASX 200 index remained nearly flat.

In the previous session, US markets had closed at record highs. The S&P 500 and Nasdaq posted marginal gains, while the Dow Jones also ended on a strong note, creating a mixed sentiment across global markets.

In the currency market, the US Dollar Index strengthened slightly. The DXY index, which measures the dollar’s strength against major currencies, climbed to 98.01, increasing concerns about pressure on the Indian rupee.

Meanwhile, rising tensions in the Middle East also impacted crude oil prices. After US President Donald Trump expressed uncertainty over a possible ceasefire involving Iran, Brent crude prices rose 0.64 per cent to $104.87 per barrel, while WTI crude touched $98.56 per barrel.

Experts believe that the rise in crude oil prices and ongoing geopolitical uncertainty could further increase pressure on the global economy as well as Indian financial markets.

GET YOUR OWN WEBSITE

FOR ₹9,999

Domain & Hosting FREE for 1 Year

No Hidden Charges