Stock Market LIVE Updates: The GIFT Nifty, an early indicator of how Indian equities are likely to begin trading, has tanked 800 points in early trading as oil prices crossed $100 and is nearing levels of $110 per barrel. Last week’s low of 24,305 is the first level to watch for the Nifty.
Crude oil prices have crossed $100 per barrel in the global markets, the US Dollar is strengthening, and futures on Wall Street have sold off sharply this morning.
Barring the rebound on Thursday, the Nifty fell over 1% on every other day of the truncated week, leading to a wipeout of ₹15 lakh crore worth of investor wealth. The first level on the downside in focus will be last week’s low of 24,305.
The Nifty Bank, which is now down 4,000 points from record levels, will also be in focus due to the loan waiver announced in Maharashtra.
The biggest focus, of course, will be on oil sensitivities, ONGC, Oil India, HPCL, BPCL and the others who are impacted by this too, aviation stocks like IndiGo, paint stocks like Asian Paints and others, FMCG companies, Tyre stocks, and others. Also keep an eye on Meesho and Anthem Biosciences.
Watch this space for all the LIVE stock market updates.