The Indian stock market witnessed strong intraday volatility on Wednesday, 21 October, with the benchmarks, the Sensex and the Nifty 50, first soaring higher and then crashing during the session.
The Sensex rose more than 800 points, or 1.12%, to hit an intraday high of 74,682.19, but soon erased all gains to drop to an intraday low of 73,356.71, falling more than 1,300 points, or 1.8%, from the day's high.
Similarly, the NSE barometer Nifty 50 rose 1% to an intraday high of 23,120.90 and crashed 1.8% from the day's high to drop to 22,702.85.
Experts highlight three key factors behind the fall in the market:
Brent crude prices traded above $110 per barrel, spooking investors. Oil prices rose as escalating tensions in West Asia have raised concerns of supply disruptions. Moreover, dwindling US crude and product inventories are also supporting oil prices.