India's stock market tumbled today, wiping out lakhs of crores in investor wealth, as crude oil prices turned volatile amid on-again, off-again talks over an Iran war ceasefire.
The benchmark Nifty 50 fell as much as 1.67%, or 389.25 points, to an intraday low of 22,917.20 points, even as the S&P BSE Sensex shed over 1,300 points.
The selloff wiped out ₹8 crore in investor wealth by midday. Fifteen out of the 16 major sectoral indices clocked losses.
The mid-cap and small-cap stocks, often the most sensitive to liquidity shifts and domestic sentiment, fell by 1.5% each.
Analysts warn that if Brent remains at or above $100 per barrel, compared to a 12-month average of $65, the fiscal consequences could be dire.
According to them, India’s oil import bill could balloon to $291 billion, an incremental $105 billion over fiscal 2026 estimates.
Raw material costs for non-financial companies could surge by 20%, far outstripping sales growth, eating into margins.
