Stock market crash: Sensex falls over 630 points, Nifty slips as crude oil surges above $100; rupee also falls
Sensex and Nifty fell sharply as crude oil stayed above $100 a barrel. The rupee slipped to 95.84 against the dollar, while NSE shares gained on listing day
PTC Web Desk: The Indian stock market came under heavy selling pressure on Thursday morning as rising crude oil prices and global market weakness weighed on investor sentiment.
The BSE Sensex fell 632.68 points to 74,189.55 in early trading, while the NSE Nifty dropped 216.15 points to 23,222.55.
The fall came even as international oil prices eased slightly. Brent crude was trading around $102.20 a barrel, remaining above the closely watched $100 level.
Also Read | Gautam Adani overtakes Mukesh Ambani again to become India’s richest person | Hurun 2026 list
Bajaj Finance, Bajaj Finserv among major losers
Several major stocks were under pressure during early trading. Bajaj Finance was among the biggest losers on the Sensex, falling 4.75 per cent. Bajaj Finserv declined 3.49 per cent.
Shares of Axis Bank, InterGlobe Aviation, Kotak Mahindra Bank and HDFC Bank also traded lower.
However, the market was not entirely in the red. Tech Mahindra, Sun Pharma, HCL Technologies, ICICI Bank and Tata Consultancy Services were among the stocks showing gains.
Global markets also remain under pressure
The weakness in Indian equities came against a mixed trend across Asian markets. Japan's Nikkei 225 was trading higher, while China's Shanghai Composite and Hong Kong's Hang Seng were in negative territory.
US markets also ended lower on Wednesday, adding to the cautious mood among investors.
According to stock exchange data, foreign institutional investors remained net buyers on Wednesday, purchasing shares worth Rs 1,617.45 crore.
The Sensex had gained 299.17 points in the previous session to close at 74,828.25, while the Nifty ended 117.80 points higher at 23,446.80.
Rupee falls to 95.84 against US dollar
The Indian rupee also weakened on Thursday, slipping 11 paise to 95.84 against the US dollar in early trading.
Currency traders said the jump in crude oil prices, along with geopolitical uncertainty and a stronger US dollar, was putting pressure on the domestic currency.
The rupee had closed at 95.73 per dollar on Wednesday. It had gained 16 paise in the previous session.
The dollar index, which measures the US currency against six major global currencies, was up 0.06 per cent at 100.87.
Brent crude futures were down nearly 1 per cent but continued to trade at elevated levels of around $102.08 per barrel.
As selling intensified in the domestic market, the Sensex was down 506.43 points at 74,321.82, while the Nifty was lower by 181 points at 23,266.15.
NSE shares make a positive debut
While the broader market was under pressure, shares of the National Stock Exchange (NSE) made a positive debut on Thursday.
The stock was listed at Rs 1,800 per share, compared with its issue price of Rs 1,785, marking a gain of 0.84 per cent.
On the BSE, the shares opened at Rs 1,800 and later climbed to Rs 1,845, up 3.36 per cent from the issue price.
At that level, NSE's market valuation stood at around Rs 4.53 lakh crore.
NSE IPO gets strong investor response
The NSE's Rs 22,569 crore IPO received strong demand and was subscribed nearly six times by the end of bidding.
The issue was India's second-largest IPO, behind Hyundai Motor India's Rs 27,870 crore offering in 2024.
It also surpassed the Rs 21,000 crore LIC IPO launched in 2022.
The NSE IPO had a price band of Rs 1,700 to Rs 1,785 per share, with institutional investors providing significant support during the subscription period.