Sensex Crashes as Crude Oil Surges Again!

After two consecutive sessions of gains, domestic equity markets witnessed another sharp sell-off, triggering a fresh bloodbath on Dalal Street. Investor sentiment turned weak amid renewed concerns over rising global crude oil prices, dragging benchmark indices sharply lower. The BSE Sensex plunged 1,690 points to close at 73,583, while the NSE Nifty tumbled 486 points to settle at 22,819, reflecting broad-based weakness across sectors.

However, oil and gas major ONGC emerged as a key gainer in the session after the government reduced excise duties on petrol and diesel, a move aimed at cushioning consumers from the impact of surging fuel prices. Meanwhile, Brent crude once again crossed the $110 per barrel mark, adding to market volatility and raising concerns over inflationary pressure on the Indian economy. India has indeed cut excise duties on petrol and diesel amid the latest oil spike, according to Reuters.