New Delhi, 19 March (H.S.): West Asia's escalating conflict and a ferocious crude price rally triggered mayhem on Dalal Street, with indiscriminate selling erasing three days of robust gains as all 16 Nifty sectoral indices closed deep in red.The Sensex plummeted 2,496.89 points—after an intraday nadir of 2,753.15—erasing its prior 2,140.21-point three-day surge; Nifty shed 775.65 points (from 847.45 low), capping a 626.70 ascent.Brent crude rocketed to $118.73/barrel before easing to $113.58 (5:309 PM IST), WTI to $100.02 then $97.12, compounding feeble global cues, FII outflows (₹2,714 crore Wednesday), hawkish US Fed stance, HDFC Bank's 5.32% plunge (9% intraday post-part-time chairman Atanu Chakraborty's resignation to 770 then recovery), and India VIX spike to 21.72 signaling volatility ahead.
Key Triggers
Oil Shock Paramount: Import-dependent India's import bill balloons if Brent sustains above $110, imperiling macro stability; refineries, aviation, paints hammered.
Global Contagion: US/European bourses tanked prior session; Asian exchanges bled red, souring sentiment.
FII Exodus: Sustained capital flight underscores risk aversion, eroding stability.
Domestic Woes: HDFC Bank's governance jitters; VIX surge spooks investors into flight-to-safety sales.
Analysts foresee choppiness as geopolitical tensions simmer.
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Hindusthan Samachar / Jun Sarkar
