Sensex falls below 78,700 as oil gains make investors cautious
Business
Stock markets kicked off Friday on a shaky note, with the Sensex dropping over 200 points to below 78,700 and Nifty 50 hovering near 24,600.
The dip came as global oil prices inched higher, making investors extra cautious.
Financial stocks fall, IT stocks gain
Financial stocks took the biggest hit: Bajaj Finance fell nearly 5%, Bajaj Finserv dropped more than 3%, and ICICI Bank, Trent, and Bharti Airtel saw smaller declines.
Meanwhile, IT stocks like TCS and Tech Mahindra bucked the trend with gains of up to 2%.
The oil price jump was triggered by Iran's move to restrict vessels deemed hostile from the Strait of Hormuz and proposing fees of between 5% and 7% of cargo prices, pushing Brent crude above $83 a barrel.