New Delhi/Chandigarh, March 9: Indian share markets opened with significant losses on Monday as the Sensex fell over 2.3 percent and the Nifty dropped nearly 600 points in early trade. The sharp decline was attributed to a massive spike in energy costs and a wave of selling across global markets linked to geopolitical instability.
The Nifty 50 started at 23,868.05, representing a 2.38 percent slide, while the BSE Sensex fell to 77,056.75. This downward movement coincides with crude oil prices jumping to approximately 116 USD per barrel, a shift that economists declared could derail growth projections.
Banking and market specialist Ajay Bagga stated that the nation’s high dependence on energy imports makes the domestic market particularly vulnerable to such fluctuations. He maintained that the rise in crude will likely necessitate a hike in jet aviation fuel and transport fuels.
“We expect retail petrol and diesel price hikes,” Bagga asserted. “Cooking gas price was already hiked last week for both consumers and commercial users.”
The fallout is expected to hit downstream industries and manufacturing sectors. Analysts declared that paint manufacturers, tyre companies, and the auto industry are at risk due to rising input costs.
Despite some sectors having little direct correlation to energy prices, the general market sentiment has led to a widespread retreat. Experts affirmed that even gold and silver have seen cuts as investors look to liquidate positions during the turbulence.
