Indian stock market closed today on Bakrid:Commodity market will open in evening; South Korea’s market fall more than 3%

On the occasion of Bakrid, the Indian stock market is closed on Thursday, May 28. Meanwhile, the commodity market will remain closed until afternoon. Trading will start here from 5 PM in the evening. Yesterday, on May 27, the Sensex closed at 75,868 with a decline of 142 points. Nifty also saw a decline of 7 points, closing at 23,907. Bank shares witnessed a decline. Sharp Decline in Asian Markets American markets closed higher yesterday Foreign investors sold shares worth ₹45,000 crore in 30 days Note: FIIs and DIIs net buying/selling figures are in crores of rupees. Crude Oil 4% Expensive, Impact of US-Iran Tension Amid US-Iran tensions, Brent crude oil became approximately 4% more expensive on Thursday, reaching around $98 per barrel. Rising crude oil prices are quite significant for global markets because expensive fuel directly impacts inflation, transportation costs, and the entire economy. In such a situation, investors worldwide have their eyes fixed on crude oil. Why does the stock market fall when crude oil becomes expensive? India imports about 80-85% of its crude oil requirement from abroad. When crude becomes expensive, the country’s dollars go out which weakens the rupee. Additionally, companies’ costs increase, which reduces their profits. With the apprehension of declining profits, investors start selling shares and the market falls.