Indian markets wipe out election gains, Sensex down 748 points
Indian stock markets took a noticeable dip on Tuesday, wiping out the gains made after the recent elections.
By mid-morning, the Sensex was down 748 points to 76,521, and the Nifty slipped below the 24,000 mark.
The drop hit most sectors, with investors feeling cautious thanks to rising oil prices and a falling rupee.
Brent $115, rupee weakness hurts markets
Brent crude oil prices jumped to $115 per barrel this week due to tensions in the Middle East, making things pricier for companies back home.
At the same time, the rupee dropped to a record low of 95 to the US dollar, so imports got more expensive and foreign investors saw smaller returns.
Analysts say it's really these global factors (higher oil costs and geopolitical worries) that are putting extra pressure on India's markets right now.