Stock market slides amid higher oil prices, PM Modi’s call for austerity
· Scroll
The Indian stock market fell about 1% on Monday amid higher global oil prices and concerns about the economic impact of the conflict in West Asia on India’s economy.
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The benchmark Sensex had fallen more than 750 points, or nearly 1%, as of 1.55 pm. The Nifty had fallen 180 points, or 0.7%.
Investors had lost more than Rs 3.5 lakh crore as of 1.55 pm.
The India VIX index, which measures volatility in the market, spiked more than 7.5% on Monday.
The benchmark indices fell for the third consecutive trading session. The stock market had recovered marginally in April after a steep fall in March.
The Indian rupee also weakened on Monday to 95.4 against the US dollar as of 1.55 pm. It had fallen to a record low of 95.4 against the US currency on May 5.
Major Asian stock indices had a mixed session on Monday. Hong Kong’s Hang Seng index was up 0.02%, South Korea’s Kospi 4.3% and China’s Shanghai Composite 1%. However, Japan’s Nikkei fell 0.4%.
Energy concerns, economic headwinds
The plunge in the Indian stock indices was seen a day after Prime Minister Narendra Modi urged citizens to revive some work-from-home practices adopted during the Covid-19 pandemic to reduce fuel consumption.
The prime minister’s remark came as oil marketing companies face mounting pressure with...