Sensex tanks 778 points, Nifty hits 5-month low amid oil price surge, rate hike fears | Business News

Indian equity markets closed sharply lower on Tuesday, with the benchmark Sensex falling 777.94 points and the broader Nifty index ending at a five-month low. Rising crude oil prices, geopolitical tensions and weak global market trends weighed on investor sentiment.The 30-share BSE Sensex declined 777.94 points, or 1.04 per cent, to settle at 74,003.82, its lowest closing level in three months. The index initially opened higher but came under selling pressure later in the morning. It touched a day's low of 73,994.03, down 787.73 points, or 1.05 per cent.The 50-share NSE Nifty fell 279.50 points, or 1.19 per cent, to close at 23,118.60, its lowest closing level since April 6.Banking, auto and oil stocks drag SensexLosses in banking, auto and oil and gas stocks weighed on the Sensex. Among the 30 index constituents, Bharat Electronics fell nearly 6 per cent.InterGlobe Aviation, Titan, Bajaj Finserv, Adani Ports, Mahindra & Mahindra and State Bank of India were also among the major laggards.IT stocks, however, ended higher. HCL Tech gained 3.98 per cent, while Infosys rose 3.64 per cent. Tech Mahindra advanced 2.31 per cent, while Tata Consultancy Services and HDFC Bank gained 2.18 per cent and 1.27 per cent, respectively. Crude oil prices riseBrent crude, the global oil benchmark, rose 1.89 per cent to USD 107.7 per barrel."Concerns about a prolonged high-interest-rate environment, particularly in the US, kept Treasury yields near multi-year highs and continued to dampen emerging market sentiment amid persistent foreign outflows," Vinod Nair, Head of Research, Geojit Investments Limited, was quoted as saying by news agency PTI. Nair added that IT stocks outperformed after comments suggesting slower AI development eased concerns over the rapid disruption of traditional IT services.(With inputs from PTI)