Why is stock market falling today? Rising oil prices among key factors behind Rs 3 lakh crore wealth erosion

Indian benchmark indices fell sharply with the Nifty declining 173 points (0.7%) to 24,038 and the Sensex dropping over 600 points (0.8%) to 77,001, wiping out nearly Rs 3 lakh crore in BSE market capitalisation. The selloff was triggered by surging Brent crude prices which jumped 4.5% to around $87 per barrel amid escalating US-Iran tensions and military strikes, alongside concerns over higher interest rates after India's retail inflation rose to 4.38% in June and US Fed officials hinted at possible near-term rate hikes. Weak Q1 earnings from HCL Tech, which fell over 4%, and a weakening rupee that slipped past 96 per dollar added to the bearish mood, with Nifty Auto, PSU Bank and IT indices leading the decline.