Markets Reverse Sharply: Sensex Crashes 778 Points After Strong Start
What Happened
Indian markets erased early gains and closed sharply lower after a strong opening. The BSE Sensex fell 777.94 points (1.04%) to close at 74,003.82, while the Nifty 50 dropped 279.50 points (1.19%) to 23,118.60. The indices had opened significantly higher, supported by IT stocks and HDFC Bank, but selling intensified through the day as rising crude oil prices and higher global bond yields hurt sentiment. IT was the only major sector to close in the green.
Key Takeaways
A surge in Brent crude above $107-108 per barrel, concerns about global interest rates ahead of the US Fed meeting, and pressure on broader markets triggered a sharp late-session selloff. The reversal highlights investors' growing worries about inflation, foreign fund outflows, and global economic uncertainty.