Markets

Nifty sinks below 23,700 as crude spike, Fed fears hammer IT stocks

Indian equity benchmarks extended losses, with the Nifty trading below 23,700 in early trade as a surge in crude oil above $97 and rising Fed rate-hike bets weighed on sentiment. IT and realty stocks led the decline, though breadth turned positive and defence stocks rallied on a ₹1.10 lakh crore approval. Analysts remain bearish on Nifty futures, advising to hold short positions.

Rupee falls 28 paise to 94.84 as oil nears $100 on Iran attacks

The Indian rupee slid to a record closing low of 94.84 against the US dollar, down 28 paise, as escalating US-Iran attacks pushed oil prices toward $100 per barrel. The currency's recovery prospects are dimming amid sustained geopolitical tensions and rising Fed rate-hike bets, which are strengthening the dollar. Market sentiment remains risk-off, with the Dow sliding 400 points and oil prices jumping again.

Sensex plunges 555 points as crude rally sinks oil & gas shares

Indian benchmarks closed at three-month lows on September 8, with the Sensex down 555 points and Nifty ending at 23,635, as a surge in crude oil toward $100 per barrel triggered a sell-off in oil & gas and PSU OMC shares. IT stocks also declined, while European markets traded lower, adding to the negative sentiment. The market decline was attributed to five key factors including rising oil prices and global weakness.