Sensex, Nifty open lower as Middle East war pushes Brent crude toward $100 | Business News

Indian equity markets opened lower on Wednesday as escalating tensions in the Middle East pushed crude oil prices closer to $100 a barrel and weighed on investor sentiment.The BSE Sensex fell 474.44 points, or 0.63%, to 75,103.14, while the Nifty 50 dropped 140.60 points, or 0.59%, to 23,494.50 in early trade.The decline comes after both indices lost 2.2% over the past seven sessions, falling in six of them. They closed Tuesday at their lowest levels since June 12.Brent crude futures jumped 1.5% to $99.5 a barrel after the Middle East conflict intensified. Iranian-backed Houthis in Yemen launched strikes on several Saudi cities, while US forces hit multiple Iranian oil tankers and Iran struck a US base in Jordan.Higher crude prices are a concern for India, which imports most of its energy needs. Sustained high oil prices could widen the trade deficit, fuel inflation and weigh on economic growth.Investors are also awaiting US inflation data later this week for clues on the Federal Reserve's interest-rate decision next week. Higher US interest rates could weigh on emerging-market equities by slowing foreign fund flows and making the dollar and US Treasuries more attractive.Foreign investors were net sellers of Indian shares worth ₹1.23 billion on Tuesday and have offloaded $1.33 billion worth of shares so far in September, according to provisional data.Stocks to watchBiocon: The stock is in focus amid media reports that Active Pine is likely to sell a stake through a block deal worth ₹6.38 billion.Coforge: The IT services company said Chairman Om Prakash Bhatt resigned after an internal audit into a board evaluation raised concerns, including that material information about his own performance had not been fully disclosed to the board.