MUMBAI, September 11: Indian stock markets came under heavy selling pressure on Friday as Brent crude surged above $108 per barrel and rising global bond yields intensified concerns over inflation, interest rates and India’s economic outlook.
In early trade, the BSE Sensex fell more than 700 points to around 74,194, while the Nifty 50 dropped about 1% to 23,244. Markets later remained under pressure, with both benchmark indices touching their lowest levels in around three months.
Crude Oil Surge Hits Investor Sentiment
Brent crude climbed above $108 per barrel amid escalating tensions in the Middle East and concerns over disruptions to important global shipping and energy routes.
India imports most of its crude oil requirements, meaning sustained high prices can increase the country’s import bill, pressure the rupee and add to inflation.
Broad-Based Selling Across Sectors
Selling was widespread across the market, with 15 of 16 major sectors trading lower.
Among the major sectors under pressure:
- Metals fell around 2.8%
- Financial stocks dropped about 1.4%
- Auto shares declined around 1.3%
- Mid-cap and small-cap indices also fell sharply
Energy stocks such as ONGC and Oil India performed relatively better as higher crude prices supported upstream oil producers.
US Bond Yields Near 5%
Global markets were also rattled by the sharp rise in US Treasury yields, with the benchmark 10-year yield moving close to the psychologically important 5% level.
Higher bond yields can make equities less attractive while also increasing fears that central banks may need to maintain tighter monetary policy to control inflation.
Rupee Also Under Pressure
The Indian rupee weakened to around ₹95.79 per dollar during the session before recovering slightly, with traders saying the Reserve Bank of India likely intervened through state-run banks to limit losses.
With crude prices elevated, global yields rising and geopolitical risks remaining high, Indian equities could remain volatile in the near term.
source – Reuters / Financial Express
Supreme News Network
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