Indian stock markets, including the Sensex and Nifty, experienced a downturn in early trade, primarily driven by a significant rise in crude oil prices and a cautious global market sentiment.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices, Sensex and Nifty, saw declines in early trade, with the Sensex falling 235.36 points and the Nifty dipping 24.30 points.
- Rising Brent crude oil prices, trading 1.16 per cent higher at USD 83.45 per barrel, were a significant factor in the market downturn.
- Financial stocks like Bajaj Finance, ICICI Bank, and Bharti Airtel were among the major laggards in the Sensex pack.
- Foreign Institutional Investors (FIIs) offloaded equities worth Rs 17.86 crore on Thursday, contributing to the market pressure.
- Global market sentiment, influenced by Wall Street's retreat and concerns over energy prices and geopolitical uncertainty, also impacted Indian equities.
Market benchmark indices Sensex and Nifty declined in early trade on Friday, dragged down by financial stocks and rising crude oil prices.
The 30-share BSE Sensex declined 235.36 points to 78,699.80 in early trade. The 50-share NSE Nifty dipped 24.30 points to 24,608.25.
Winners and Losers on Dalal Street
From the Sensex pack, Bajaj Finance, Bajaj Finserv, Trent, ICICI Bank, Bharti Airtel and Eternal were among the major laggards.
Tata Consultancy Services, Tech Mahindra, HCL Tech and Infosys were among the winners.
Expert View: What Investors Should Watch Next
"Overnight, Wall Street retreated after recent record highs as investors reduced exposure to risk assets amid renewed concerns over energy prices and geopolitical uncertainty.
"The rise in crude oil prices followed growing doubts over the pace and outcome of diplomatic negotiations involving Iran and the Strait of Hormuz, reviving concerns that disruptions to one of the world's most critical energy corridors could persist for longer than previously anticipated," Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.
Asian and US Market Performance
In Asian markets, South Korea's KOSPI and Japan's Nikkei 225 index traded lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index quoted higher.
US markets ended lower on Thursday.
Benchmark indices have been facing divergence since Monday after stock exchanges introduced a new auction mechanism for shares having futures and options (F&O) contracts.
The Closing Auction Session (CAS) in the equity cash segment became operational on Monday, introducing a new auction-based mechanism for determining the closing prices of eligible stocks in a move aimed at making the price discovery process more transparent and robust.
Brent crude, the global oil benchmark, traded 1.16 per cent higher at USD 83.45 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 17.86 crore on Thursday, according to exchange data.
