Bajaj Finance Shares Plummet Amid Global Market Rout

Stock market turmoil continues, with oil prices and rising bond yields casting a pall of uncertainty over investor sentiment. The Nifty50 and BSE Sensex extended their decline on Tuesday, falling by 0.8% and 0.87%, respectively, after Monday's rout.

Investors remain cautious, with concerns over higher crude oil prices, rising bond yields, and other market factors weighing heavily on the market.

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At 10:25 AM, Nifty50 was trading at 22,586.60, down 194 points or 0.85%. Meanwhile, BSE Sensex was at 72,138.99, down 633 points or 0.87%.

The sharp fall in market capitalisation erased nearly Rs 4 lakh crore from the combined market capitalisation of companies listed on the BSE within minutes of the market opening. Bringing the total down to Rs 474 lakh crore.

US stocks ended the previous session sharply lower. With the tech-heavy Nasdaq falling by more than 0.9% and the S&P 500 declining around 0.8%. Asian markets were similarly under pressure, with Japan's Nikkei dropping by more than 1% and several regional markets declining by nearly 1% each.

Brent crude futures have surged above $107 per barrel. Meanwhile, WTI crude futures have moved past $94 per barrel, adding to the pressure on global markets. Bond yields have continued their upward trajectory, touching fresh multi-year highs and further increasing pressure on equity markets.

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The rupee has weakened past the 96-per-dollar mark. Hitting a two-month low as concerns over the impact of rising oil prices on the net energy-importing economy have intensified. Foreign investors have been net sellers of Indian equities, offloading shares worth more than Rs 5,353 crore, according to provisional NSE data.

The Reserve Bank of India is scheduled to hold its Monetary Policy Committee meeting next week, from October 5 to October 7. Market expectations point to a rate hike as part of a broader global tightening cycle, which could further impact the market.