Sensex Tanks 833 Points To 74,405, Nifty Drops 234 Points As Rupee Hits Record Low & Oil Surges To $108.8

Mumbai: On Monday, Sensex tanked 833.20 points to 74,404.79 in early trade; Nifty down 234 points to 23,401.70. Indian benchmark equity indices ended lower on Friday as late-session selling pressure dragged the markets down amid weakness in the rupee against the US dollar and a sharp rise in crude oil prices.

According to IANS, the benchmark Nifty closed 46.10 points, or 0.19 per cent, lower at 23,643.50, while the Sensex declined 160.73 points, or 0.21 per cent, to settle at 75,237.99. Commenting on Nifty's technical outlook, experts said that a sustained breakout above this zone will be required to strengthen bullish momentum and improve broader market sentiment further toward the 23,900–24,000 range.

"On the downside, the 23,500-23,400 zone continues to act as an important immediate support level, and a decisive break below this region could drag the index toward the 23,300–23,200 support area," an analyst stated. Market sentiment turned cautious during the final hours of trade after the domestic currency touched a fresh low against the US dollar, adding to concerns over rising import costs and inflationary pressures. The surge in global crude oil prices further weighed on investor sentiment, especially in energy-sensitive sectors.

Among the top laggards on the Nifty index were Hindalco Industries, Eternal and UltraTech Cement. Broader markets also witnessed selling pressure, with the Nifty MidCap index ending 0.45 per cent lower and the Nifty SmallCap index falling 0.61 per cent.

Meanwhile, global oil prices rose sharply, with Brent crude’s May futures contract climbing 2.9 per cent to $108.8 per barrel on the Intercontinental Exchange, raising concerns about higher fuel costs and their potential impact on inflation and corporate margins. The Indian rupee also plunged to a fresh record low of 96.14 before settling at 95.97, as the trade deficit widened beyond market expectations and a sudden short squeeze after breaching 96.