Sensex drops 702, Nifty below 24,000 as oil tops $100
Business
Indian stock markets had a rough Monday: Sensex dropped 702 points to close at 76,847, and Nifty slipped nearly 208 points to finish below 24,000.
The main reason? Tensions in West Asia and oil prices shooting past $100 a barrel made investors nervous, since India relies heavily on imported oil.
Labor unrest weighs on auto stocks
Auto stocks such as Maruti Suzuki and Eicher Motors took a big hit as higher oil prices pushed up costs and slowed demand.
Labor unrest in key industrial areas only made things tougher for carmakers.
Meanwhile, Indian markets also felt the pressure from rising crude prices and geopolitical worries, with more market ups and downs on the way if tensions continue.