Sensex plunges 1,247.71 points, Nifty sheds 383.70 points amid elevated crude oil prices

The domestic equity benchmark indices plunged on Thursday amid the rising crude oil prices that jumped over USD 1054 per barrel due to the geopolitical uncertainties The heavy selling in bank and financial stocks also dragged down the indicesMarket movementThe 30share BSE Sensex tumbled 124771 points or 167 per cent to settle at 7358054 The 50share NSE Nifty tanked 38370 points or 164 per cent to end at 2306310From the 30 Sensex constituents 29 ended lower while NTPC remained unchanged Among the major laggards Bajaj Finance slipped 547 per cent Axis Bank dropped 467 per cent Bajaj Finserv declined 406 per cent InterGlobe Aviation dipped 278 per cent and Trent ended 275 per cent lowerOn the domestic front the insurance and banking sectors remained weak following concerns regarding regulatory reviews of commission structures and their implications for profitability The market is currently hovering around key psychological support levels In the absence of fresh positive triggers nearterm sentiment may remain cautious potentially limiting valuation expansion and making earnings growth likely to become the primary driver of market performance going forward Vinod Nair Head of Research Geojit Investments saidOn Wednesday the Sensex gained 29917 points or 040 per cent to settle at 7482825 while the Nifty jumped 11780 points or 050 per cent to end at 2344680NSE gets listedShares of the National Stock Exchange of India Ltd NSE ended nearly 2 per cent higher at Rs 1818 in their debut trade on Thursday The exchange commanded a market valuation of Rs 449 lakh croreThe Rs 22569crore initial public offering of NSE the countrys secondlargest IPO received nearly 6 times subscription on the final day of bidding on Monday led by strong demand from institutional buyersWeak global cuesMarkets came under pressure amid rising bond yields and a rebound in crude oil prices reflecting heightened global macroeconomic risks Investor sentiment turned increasingly risk averse as concerns over the interest rate trajectory intensified driven by lingering uncertainties around inflation and economic growth Nair saidBrent crude the global oil benchmark jumped 236 per cent to USD 1054 per barrel according to news agency PTI Foreign Institutional Investors FIIs bought equities worth Rs 161745 crore on Wednesday according to exchange dataHopes of a nearterm resolution remained subdued after US President Donald Trump indicated that a potential deal with Iran could come only after the November US midterm elections while renewed Houthi activity in the Red Sea and tensions involving Saudi Arabia have heightened global supply risks and inflationary pressures Siddhartha Khemka Head of Research Wealth Management Motilal Oswal Financial Services saidIn Asian markets Japans Nikkei 225 ended higher while Shanghais SSE Composite index and Hong Kongs Hang Seng index settled lower Stock market in South Korea was closed for a holidayWith inputs from PTI