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Sensex tanks over 600 points in early trade; crude oil trades above USD 100 per barrel
Weak global cues and a jump in crude above $100 pushed banking and rate-sensitive stocks lower ahead of the NSE's market debut.
Benchmark indices BSE Sensex and NSE Nifty tumbled in early trade on Thursday as Brent crude prices surged above the $100 per barrel mark.
Stock market sentiment soured as Brent crude climbed to $102.2 per barrel and 10-year Treasury yields hit 5.11 per cent, weighing on India's equity markets.
In early trade, the 30-share BSE Sensex tanked 632.68 points while the 50-share NSE Nifty dropped 216.15 points, with 1,872 stocks declining against 745 advancing.
The National Stock Exchange made its market debut today, with its Rs 22,569 crore IPO receiving a subscription of 5.71 times amid market turbulence.
Technical Research Analyst Hitesh Tailor at Choice Broking Private Limited warned the near-term tone may turn defensive, as holding key support zones remains crucial for market stability.