Sensex crashes 1,248 points, Nifty sinks 1.64% as crude tops $106
Dalal Street endured its worst session in ten weeks on Thursday as the BSE Sensex crashed 1,247.71 points, or 1.67 per cent, to close at 73,580.54, while the NSE Nifty 50 slumped 383.70 points, or 1.64 per cent, to 23,063.10. Investors lost over Rs 4 lakh crore in market capitalisation in a single session.
The sell-off was triggered by a cocktail of worries: Brent crude surging back to around $106 a barrel amid stalled US-Iran talks, the US 10-year Treasury yield spiking to 5.11 per cent — its highest since 2007 — and a domestic shock as the insurance regulator proposed sweeping changes to commission rules. PB Fintech plunged 36 per cent to a 52-week low, while banking and NBFC stocks bled across the board.
The rupee fell to a one-week low of 95.96 against the dollar as oil importers rushed to cover demand. Analysts said 23,000 on the Nifty is now the line traders will watch obsessively in Friday's session.
