Sensex drops over 400 points as Nifty falls below 23,700
Business
The Indian stock market took a hit on Tuesday morning, with the Sensex dropping more than 400 points and Nifty slipping below 23,700.
This dip came as rising crude oil prices and ongoing tensions in the Middle East weighed on realty and IT shares and put technical pressure on Nifty.
Even though about as many stocks rose as fell, the overall mood stayed cautious.
Crude nears $97 after Iran threat
Crude oil prices jumped to nearly $97 a barrel after Iran threatened retaliation against US assets, making energy supply feel shaky.
Since India imports most of its oil, higher prices quickly put pressure on local markets.
Realty and IT stocks were hit especially hard, and analysts say if Nifty falls below its current support range, we could see even steeper losses ahead.