Crude oil surges past $100 a barrel, rupee weakens sharply against dollar as investor panic grips Dalal Street
Indian equity markets opened Monday in freefall, rattled by the collapse of US-Iran peace negotiations that sent crude oil prices surging past the psychologically significant $100-per-barrel mark. The 30-share BSE Sensex crashed 1,613 points , a steep 2.08% decline to settle at 75,937 at the opening bell, while the broader NSE Nifty 50 shed 1.92%, slipping to 23,589 points. The Nifty Bank index bore the sharpest blow, tumbling 2.27%, with Nifty Midcap 100 falling 2.02% in tandem.
The currency markets offered no relief. The rupee opened 65 paise weaker against the US dollar, touching 93.28, compared to Friday’s close of 92.73 , a direct consequence of elevated crude prices and expiring dollar position deadlines.
On the stock-specific front, brokerage firm Emkay issued a sharp “sell” call on DMart operator Avenue Supermarts, warning the stock currently trading at 70 times forward earnings could halve in a bear-case scenario, with a base target of ₹3,700 and a worst-case floor of ₹2,200.
Analysts expect continued volatility until geopolitical tensions in the Hormuz Strait stabilise.
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