Stock Market Crash: Domestic equity benchmarks Sensex and Nifty 50
The benchmarks lost about 4.5 per cent each for the week, their worst since June 2022, with most of the decline due to a two per cent slump on Thursday. The broader, more domestically-focused small- and mid-caps fell 2.5 per cent and 3.2 per cent for the week. Reliance Industries, the second-heaviest Nifty 50 stock, shed 9.2 per cent, leading losses on the index this week.
The escalating Middle East conflict raised alarm bells that crude supplies from the top oil-producing region may be disrupted. This has pushed crude oil prices higher, hurting net importers such as India. Traders said a spike in global crude prices on supply uncertainty due to geopolitical tensions has dented market sentiments.
D-Street analysts also attributed the market drop this week to aggressive foreign selling. Foreign outflows from Indian markets hit a record high on Thursday as investors directed inflows into China after its recent stimulus measures.
