Crude oil spike and Iran-aligned Houthis push Sensex, Nifty lower
Indian stock markets closed lower on Monday after a jump in crude oil prices rattled investors.
The Sensex dropped 0.76% to 71,924.68 while the Nifty fell 0.70% to 22,363.35. Both had actually started the day in the green.
Worries spiked after fresh attacks on Saudi Arabia by Iran-aligned Houthis over the weekend, making everyone a bit more cautious.
Foreign investors pulled out ₹1,708.5 cr
Foreign investors pulled out ₹1,708.5 crore from Indian stocks just on Monday, but domestic funds stepped up with ₹3,045 crore of buying.
Still, analysts say concerns over the rupee's stability are keeping market sentiment shaky.
The oil price surge hit other Asian markets too. South Korea's market fell 3.7%.
So far this month alone, foreign investors have sold $3.62 billion worth of Indian shares, pushing both Sensex and Nifty down over 15% for the year.