Indian benchmark indices, Sensex and Nifty, saw declines in early trade as surging crude oil prices and a sell-off in bank stocks dampened investor sentiment, extending a three-day downtrend for the Sensex.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Benchmark indices Sensex and Nifty declined in early trade, marking a third consecutive day of downtrend for the Sensex.
- Higher crude oil prices, with Brent crude at USD 92.06 per barrel, and selling in major bank stocks contributed to the market downturn.
- Major laggards included InterGlobe Aviation, Axis Bank, State Bank of India, Sun Pharma, Adani Ports, UltraTech Cement, HDFC Bank, and ICICI Bank.
- Despite the domestic decline, some Asian markets like South Korea's KOSPI and Japan's Nikkei 225 traded higher, while US markets also closed up on Tuesday.
- Foreign Institutional Investors (FIIs) were net buyers on Tuesday, injecting Rs 1,650.16 crore into equities.
Benchmark indices Sensex and Nifty declined in early deals on Wednesday as higher crude oil prices and selling in bank stocks hit investors' sentiment.
The 30-share BSE Sensex declined 403.54 points to 77,066.06 in early trade, taking the downtrend to the third day running.
The 50-share NSE Nifty edged lower by 114.75 points to 24,070.05.
Laggards and Gainers on Dalal Street
From the Sensex pack, InterGlobe Aviation, Axis Bank, State Bank of India, Sun Pharma, Adani Ports, UltraTech Cement, HDFC Bank and ICICI Bank were among the major laggards.
Titan, Eternal, Maruti and Asian Paints were the winners.
How Global Factors Impacted Indian Equities
Elevated crude oil prices and persistent geopolitical tensions have tempered risk appetite in the markets, according to an expert.
Brent crude, the global oil benchmark, quoted 1.15 per cent higher at USD 92.06 per barrel.
In Asian markets, South Korea's KOSPI jumped 5.16 per cent. Japan's Nikkei 225 index and Shanghai's SSE Composite index were also trading higher, while Hong Kong's Hang Seng index quoted lower.
US markets ended higher on Tuesday.
Foreign Institutional Investors (FIIs) turned buyers on Tuesday. They bought equities worth Rs 1,650.16 crore in the previous trade, according to exchange data.
