At 8.11 am, GIFT Nifty futures traded at 24,119.50 points, indicating that the benchmark Nifty 50 would open below Wednesday's close of 24,177.65. (File Photo)
India’s stock benchmarks on Thursday opened lower than Wednesday’s close ad a surge in oil prices weighed on market sentiment.
The BSE Sensex dipped 1.17% to 76,578.87 while NSE’s Nifty 50 also plummeted 1.16% to 23,898.70 at 9.23 am.
At 8.11 am, GIFT Nifty futures traded at 24,119.50 points, indicating that Nifty 50 would open below Wednesday’s close of 24,177.65.
Brent crude spiked to $120 per barrel after US President Donald Trump discussed with oil companies measures to mitigate the impact of the extended blockade at Iran’s ports, raising fears of stretching the supply disruption.
Sjyrocketting oil prices increase inflation risks for India, the world’s third-largest importer of oil, as well as put pressure on the economic growth and corporate earnings.
