Indian shares fall on oil spike and Asia market selloff
The Nifty 50 and Sensex declined as Brent crude rose to 96.50 dollars per barrel following an escalation in regional tensions. High-weightage financial and IT stocks led the downturn while broader Asian markets tumbled amid a tech-sector retreat and revised U.S. interest rate expectations.
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India's Nifty 50 fell 0.95% to 23,142.20 and the BSE Sensex lost 0.95% to 73,529.06 on Monday morning as rising oil prices and a regional selloff pressured equities. The decline mirrors a 2.8% drop in the MSCI Asia ex-Japan index following missile strikes by Iran against Israel. Investors face a dual threat of energy-driven inflation and potential United States interest rate hikes following a strong May jobs report.
