Sensex drops nearly 700 points wiping out over ₹3.5L/cr
Business
Tough day for the Indian stock market: Sensex dropped nearly 700 points and Nifty slipped under 22,800 on Tuesday, wiping out over ₹3.5 lakh crore in value.
This comes right after three days of steady gains, with the sudden dip mainly sparked by global tensions and a jump in oil prices.
Trump warning lifts oil above $110
The main culprits: rising geopolitical worries after US President Trump's warning to Iran about the Strait of Hormuz, which pushed oil prices above $110 a barrel.
Foreign investors kept up their selling streak for the 24th day straight, adding more pressure.
While sectors like auto took a big hit and stocks like Mahindra & Mahindra and SBI lost ground, a few names like Bajaj Finance and ITC managed to stay positive.