Indian stock markets, including the Sensex and Nifty, experienced a notable decline in early trade as surging crude oil prices, fuelled by escalating tensions in the West Asia, weighed heavily on investor sentiment.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices, Sensex and Nifty, saw declines in early trade, with the Sensex falling 230.95 points and the Nifty dipping 57.15 points.
- The primary driver for the market downturn was a surge in Brent crude oil prices, which quoted 2.27 per cent higher at $96.20 per barrel.
- Escalating tensions in the West Asia, particularly reports of Houthi rebels attacking Saudi oil tankers, are fuelling fears of crude supply disruptions and impacting investor sentiment.
- Foreign Institutional Investors (FIIs) offloaded equities worth Rs 819.20 crore, contributing to the market's fragility.
- Major laggards from the Sensex pack included Infosys, Bajaj Finance, HDFC Bank, State Bank of India, NTPC, and Reliance Industries.
Market benchmark indices Sensex and Nifty edged lower in early deals on Thursday due to surging crude oil prices amid escalating tensions in the West Asia.
The 30-share BSE Sensex declined 230.95 points to 76,521.02 during initial trade.
The 50-share NSE Nifty dipped 57.15 points to 23,937.
Winners and Losers on Dalal Street
From the Sensex pack, Infosys, Bajaj Finance, HDFC Bank, State Bank of India, NTPC and Reliance Industries were among the laggards.
Trent and Eternal were the only winners from the pack.
Expert View: What Investors Should Watch Next
Investor sentiment remain fragile as escalating tensions in the Middle East fuel a fresh surge in global oil prices and weigh on risk appetite, Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.
"Markets were rattled after Yemen's Houthi rebels reportedly attacked two Saudi oil tankers, opening a new front in the regional conflict and raising fears of further disruptions to crude supplies," Ponmudi added.
How Global Markets Impacted Indian Equities
In Asian markets, South Korea's KOSPI jumped 3.15 per cent. Japan's Nikkei 225 index and Hong Kong's Hang Seng index were also trading higher, while Shanghai's SSE Composite index quoted lower.
US markets ended in negative territory on Wednesday.
Brent crude, the global oil benchmark, quoted 2.27 per cent higher at $96.20 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 819.20 crore on Wednesday after a day's breather, according to exchange data.
