Noida, Apr 2 (APAC Media): Indian equity benchmarks swung sharply on Thursday, extending their weekly decline as rising geopolitical tensions and a spike in crude oil prices dampened investor confidence.
The BSE Sensex and NSE Nifty 50 tumbled almost 2% in early trading, with the Sensex shedding over 1,300 points and the Nifty slipping more than 400 points, as fresh developments in the Middle East stoked global market fears.
“We are going to hit them extremely hard over the next two to three weeks and complete our military objectives very shortly,” President Donald Trump said.
Brent crude shot past $108 per barrel, stoking fears of rising inflation and economic pressure, especially for import-reliant countries like India.
“Markets are reacting to heightened geopolitical risks and elevated oil prices, which could impact growth and corporate earnings,” a market expert said.
The indices staged a partial recovery later in the session. The Sensex closed 0.3% higher at 73,319, while the Nifty ended slightly up at 22,713 after trimming its intraday decline.
“Volatility is expected to continue in the near term due to ongoing geopolitical tensions, fluctuating crude oil prices, and uncertain foreign fund flows,” analysts said.
Nevertheless, both benchmarks posted their fifth straight weekly loss, underscoring continued caution and risk aversion among investors.
Across sectors, the majority of indices ended lower, led by declines in banking and financial stocks, while IT shares provided modest support.
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