Stock Markets Fall for Second Day Amid Rising Oil Prices, West Asia Crisis; Sensex Tanks 555 Points
Bank and financial services stocks led the decline as the Sensex fell 555.23 points and the Nifty closed at 23,635.10, analysts said.
- Indian equity markets ended lower, extending their slide to a seven-week low as the 30-share BSE Sensex fell 0.73 per cent and the 50-share NSE Nifty dropped 0.61 per cent.
- Persistent geopolitical uncertainty and elevated crude oil prices continue to weigh on investor sentiment, while the India VIX rose over 1.6 per cent, signalling nervous positioning among traders.
- Bank and financial services stocks led the market decline, with the Nifty Private Bank index dropping 0.98 per cent, dragging ICICI Bank, Axis Bank, Kotak Bank, UltraTech Cement, and Reliance lower.
- Forex traders attributed the Indian rupee's decline of 0.29 per cent to elevated Brent crude around USD 97, following fresh attacks on Aramco's facilities by Yemen's Houthis.
- Overall, the market remains in a "sell on rise" mode, while DII buying remains the only real cushion preventing a sharper fall, said Ponmudi, CEO of Enrich Money.
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Sensex Closes 555 Points Down, Nifty Loses 0.61% as Brent Nears USD 100/ Barrel
Get latest articles and stories on Business at LatestLY. Indian benchmark indices closed lower on Tuesday, weighed down by rising crude oil prices as Brent crude neared the USD 100 per barrel mark amid escalating tensions in West Asia and also weekly expiry of Nifty 50 index. Business News | Sensex Closes 555 Points Down, Nifty Loses 0.61% as Brent Nears USD 100/ Barrel.
Sensex ends 555 points lower, Nifty below 24,700; ICICI bank down 2%
Closing Bell: Sensex down 555 pts, Nifty below 23,650; banks drag, media gains
Top Nifty losers were ICICI Bank, Axis Bank, SBI Life Insurance, Reliance Industries, UltraTech Cement, while gainers included Bharat Electronics, ONGC, HUL, Eicher Motors and Adani Ports. Among sectors, Private Bank index shed 1%, Oil & Gas index down 0.7%, Nifty Bank down 0.5% and IT index shed 0.4%, while Media index added 1.4%, Pharma index rose 0.7% and FMCG index gained 0.4%. The Nifty midcap and smallcap indices ended marginally higher.
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