Indian stock markets, including the Sensex and Nifty, extended their losing streak for a third consecutive day, reflecting a broad global selloff triggered by escalating West Asia tensions and a surge in crude oil prices.
Key Points
- Indian benchmark indices, Sensex and Nifty, fell for the third consecutive day due to global bearish trends.
- Escalating conflict in West Asia and rising crude oil prices, with Brent crude at $95.13 per barrel, contributed significantly to the market downturn.
- Major laggards included Asian Paints, HDFC Bank, and HCL Tech, while Adani Ports and Bajaj Finserv saw gains.
- Global markets in Asia, Europe, and the US also traded in negative territory, indicating a broad risk-off sentiment among investors.
- Foreign institutional investors (FIIs) were net buyers, purchasing equities worth Rs 1,143.38 crore on Tuesday.
Stock markets declined for the third consecutive day on Wednesday, with the benchmark Sensex closing lower by nearly 374 points following a bearish trend in global equities and higher oil prices due to escalating conflict in West Asia.
The 30-share BSE Sensex dropped 373.93 points, or 0.49 per cent, to settle at 76,570.35.
During the day, it tumbled 808.56 points, or 1.05 per cent, to 76,135.72.
The 50-share NSE Nifty slumped 141.35 points, or 0.59 per cent, to end at 23,914.45.
Market Performance and Key Movers
Among the 30 Sensex firms, Asian Paints, HDFC Bank, Mahindra & Mahindra, HCL Tech, Bharat Electronics and Infosys were the major laggards.
Adani Ports, Bajaj Finserv, Power Grid, NTPC and Titan were among the winners.
Global Market Trends
In Asian markets, South Korea's Kospi tumbled 3.99 per cent, and Japan's Nikkei 225 index dropped 2.85 per cent. Shanghai's SSE Composite index and Hong Kong's Hang Seng index also ended lower.
Markets in Europe were trading in negative territory. US markets ended lower on Tuesday.
Expert Analysis and Investor Sentiment
"Indian equity markets extended their losing streak to a third consecutive session, tracking a broad global selloff as renewed US-Iran hostilities reignited concerns over energy supplies and dashed hopes of an early reopening of the Strait of Hormuz.
"Rising crude oil prices and higher global bond yields continued to erode risk appetite, keeping investors firmly in risk-off mode," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Foreign institutional investors (FIIs) bought equities worth Rs 1,143.38 crore on Tuesday, according to exchange data.
Brent crude, the global oil benchmark, climbed 0.40 per cent to $95.13 per barrel.
