Sensex Crashes Over 2,000 Points, Nifty Slides To 23,000 Amid Oil Price Spike

New Delhi: Amid rising global tensions and heavy selling pressure, there was a huge fall in the Indian stock market on Monday. There was a sharp fall in both Sensex and Nifty, which dealt a big blow to investors. Selling pressure was visible on many big stocks in the market, including big ones like Larsen & Toubro, and Indigo.

How deep was the market decline?

The BSE Sensex stood at 76,739.46, down 2,179.44 points or 2.76 per cent, while the Nifty 50 declined 678.35 points to 23,772.10. Due to continuously falling indices, a huge amount of investors' capital was lost in a matter of hours. Stock market investors have lost over Rs 13 lakh crore in market capitalisation as the Sensex has plunged sharply.

Shares of which companies fell the most?

Many big stocks played an important role in the market decline. There was a sharp decline in the shares of Larsen & Toubro, Asian Paints and Tata Steel. Shares of aviation sector company Indigo declined around 6.6 per cent. Maruti Suzuki, Mahindra & Mahindra and JSW Steel also dropped between 5 per cent and 5.2 per cent.

The developments pushed crude oil prices higher and fuelled worries over potential strain on the Indian rupee.

What about the oil surge?

Oil prices increased past $100 per barrel for the first time since the Russia-Ukraine war erupted in 2022.

Oil prices surged past $100 a barrel on Sunday for the first time in nearly four years, as escalating conflict in the Middle East fuelled concerns over prolonged disruptions to global energy supplies.

The last time US crude futures traded above $100 per barrel was in June 2022, when prices briefly reached $105.76. Brent crude last crossed the $100 mark a month later, in July 2022, when it hit $104 a barrel.