Sensex down 372.96 points and Nifty slips below 23,700
Markets took another hit on Tuesday: Sensex dropped 372.96 points and Nifty slipped below 23,700.
The main culprits? Soaring crude oil prices and global tensions, which have now led to five straight weeks of losses.
Investors are also jittery about possible US Federal Reserve rate hike this month, making things even bumpier.
Crude near $97 fuels inflation concerns
Crude oil is hovering near $97 a barrel, pushing up India's import costs and stoking worries about inflation and slower growth.
While most sectors struggled (IT and media especially took a hit), defense stocks bucked the trend thanks to big government project approvals, Bharat Electronics even gained nearly 2%.
Some support came from institutional investors putting in ₹846 crore, but overall mood stayed cautious with everyone watching fuel prices and global cues.