Markets Crash Open: Nifty Dives 1.6%, Sensex Tanks 1.7% on Oil Shock

New Delhi, March 12 (TNA) Indian stock markets opened sharply lower today, with the Nifty 50 declining around 1.63% to approximately 23,866.85. The BSE Sensex dropping 1.72% to near 76,863.71, continuing the slump from yesterday’s close amid escalating tensions in West Asia, which are driving crude oil prices above $90 per barrel and sparking fears of inflation and supply disruptions.

Sectors like auto, banking, and IT bore the brunt, with Nifty Auto down 2.51%, Nifty Bank off 2.13%, and Nifty IT slipping 0.41%, as the India VIX surged, reflecting investor jitters over the Hormuz Strait crisis and its ripple effects, including LPG shortages hitting hospitality stocks.

Standout gainers included Jindal Saw surging 19.41% to ₹198.04 on Jal Jeevan Mission tailwinds, alongside Stove Kraft, Waaree Renewable, and Blue Star, while losers like Bharti Airtel fell 2.40% to ₹1,806.70 dominated broader sentiment; trading volumes early hit 40.74 crore shares worth ₹32,549 crore, with analysts eyeing Nifty support at 23,800 for potential short-covering or a slide to 23,600, Bank Nifty testing 55,000 levels, and focus on US Fed signals amid no trading holidays today despite March’s upcoming closures for Holi, Ram Navami, and Mahavir Jayanti.