Sensex Plunges As Oil Hits $86 Amid US-Iran Tensions And Rupee Breaches 96 Mark | Business Today
The Indian stock market witnessed a downturn as the Sensex fell 500 points to trade near 77,100, while the Nifty slipped below 24,050. This decline
The Indian stock market witnessed a downturn as the Sensex fell 500 points to trade near 77,100, while the Nifty slipped below 24,050. This decline, led by auto, PSU banks, and real estate sectors, coincides with rising geopolitical tensions in West Asia and the Strait of Hormuz. These disruptions pushed Brent crude oil prices to an $86 per barrel high, causing the Indian rupee to depreciate by 58 paise, closing at its lowest level since May 25 at 96.2 against the US dollar.
To ensure energy security amid supply concerns, India is diversifying its oil imports across 43 countries. Concurrently, domestic financial data shows a 16.5 percent increase in net direct tax collections, reaching 6.51 lakh crore rupees, with corporate tax rising 22 percent. Analysts recommend mutual funds for the IT sector to manage volatility caused by artificial intelligence integration and suggest a diversified energy basket investment approach.
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