The Sensex and Nifty tumbled in early morning trade on Thursday and both indexes of the share market were trading in the red. The benchmark S&P BSE Sensex fell 0.26 per cent or 151.03 points to 57,533.79 and the blue-chip NSE Nifty 50 index slid 0.21 per cent or 36.05 points to 17,209.60.
This comes as crude oil prices surpassing $120 per barrel stoked high inflation worries.
INTERNATIONAL OIL PRICES
Volatile crude prices have kept domestic investors on edge, as they make the world’s third-largest importer and consumer of oil susceptible to high inflation while pushing up its trade deficit and hurting the rupee, according to a Reuters report.
Oil futures extended gains on Thursday as concerns over disruptions to supply lingered.
Meanwhile, shares of entertainment giant Zee jumped after its top investor said it won’t pursue a shareholder meeting.
Losses in heavyweight bank stocks also weighed on equities, with the Nifty Bank Index losing 1.32 per cent. Private-sector lenders Kotak Mahindra Bank and ICICI Bank were among the top percentage losers on the Nifty 50.
Reuters also reported on Wednesday that India has frozen plans to allow local firms to list overseas, in a blow to foreign funds and stock exchanges.