Sensex, Nifty End Notably Lower After Oil Price Surge
(RTTNews) - Indian shares ended notably lower on Monday after the dollar climbed and oil prices surged due to escalating geopolitical tensions in the Middle East.
The dollar rose on safe-haven demand and oil prices jumped around 3 percent amid concerns about potential disruptions to global oil supplies after clashes between Israeli and Hamas forces over the weekend raised the risk of a wider Middle East conflict.
Analysts say that there is no immediate threat to oil supplies, but disruptions or escalations in the region can have far-reaching implications for energy markets, global supply chains, and geopolitical dynamics, if the conflict escalates.
Fed rate uncertainty also weighed on markets after stronger-than-expected U.S. jobs data complicated the future path of interest rate rises in the world's biggest economy.
The benchmark S&P BSE Sensex ended the session down 483.24 points, or 0.73 percent, at 65,512.39 while the broader NSE Nifty index settled 141.15 points, or 0.72 percent, at 19,512.35.
Tata Steel, Mahindra & Mahindra, Hero MotoCorp, HDFC Life and Adani Ports fell 2-5 percent in the Nifty pack while HCL Technologies and Dr Reddy's Laboratories both rose about 1 percent.
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