Stock Market Continues Losing Streak On High Crude Price; Sensex Falls 800 Points, Nifty Trades Below 23,425

Stock Market Today: The domestic equity indices continued the previous session's losing streak on March 13 as crude oil prices remained near $100 per barrel amid the crisis in the Middle East.  

BSE Sensex started the session with a gap-down at 75,44.22 against last day's closing of 75,444.22. Nifty50 opened at 23,462.50, down from last day's closing of 23,639.15.

Meanwhile, the indices extended the momentum further. At the time of writing, Sensex was trading at 75,206.98, down 827.44 points or 1.09 per cent, while 23,423.65, down 269.95 or 1.14 per cent.

Brent Crude price was trading flat with respect to the last day's price. In early trade, Brent price was trading at $100.5, up 0.4 per cent. 

"With the heightened uncertainty surrounding the West Asian conflict continuing, global markets are weak and in uncharted territory. Weakness in the US markets indicates that a rebound in the market is some time away. With Brent crude around $100, bulls are on the defensive. With the FIIs persisting with their sustained selling strategy, even large-cap bluechips are under pressure," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Except for Hindustan Unilever, Trent, Bharti Airtel, and Reliance, all other stocks from the Sensex basket were trading in red with Tata Steel, L&T, BEL, Ultratech Cement, Indigo, HDFC Bank, Maruti, Adani Ports, Tech Mahindra, SBI, Axis Bank, Eternal and HCL Tech being the top losers.

Meanwhile, the Indian currency is trading near the 92.00–92.50 range, reflecting continued pressure on the Indian rupee.

"Rising crude oil prices and safe-haven demand for the US dollar amid geopolitical uncertainty have placed emerging market currencies under pressure. A sustained move above 92.50 could strengthen bullish momentum toward fresh record highs. On the downside, 92.00–92.25 acts as immediate support, and a break below this zone may trigger short-term profit booking, although the broader bias remains positive amid global uncertainties," said Ponmudi R, CEO of Enrich Money.