Stock market benchmark indices BSE Sensex and NSE Nifty came under selling pressure on Tuesday, as a sharp surge in oil prices and continued foreign fund outflows dampened investor sentiment.
The 30-share Sensex fell 416.72 points, or 0.54 per cent, to close at 76,886.91. During intra-day trade, it dropped as much as 562.57 points, or 0.72 per cent, to 76,741.06.
Similarly, the 50-share Nifty declined 97 points, or 0.40 per cent, to settle at 23,995.70. Among the Sensex constituents, Axis Bank, HCL Technologies, InterGlobe Aviation, Maruti Suzuki, State Bank of India, and ICICI Bank were among the top laggards.
On the other hand, Reliance Industries, Bharti Airtel, Tech Mahindra, and Sun Pharmaceutical Industries emerged as gainers. Global oil benchmark Brent crude surged 2.97 per cent to USD 111.4 per barrel, adding to inflationary concerns. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,151.48 crore on Monday, according to exchange data.
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According to Ponmudi R, CEO of Enrich Money, Indian equity markets remained under pressure amid unresolved geopolitical tensions in the Middle East and ongoing disruptions in energy supply, particularly due to the continued closure of the Strait of Hormuz.
He added that the spike in crude oil prices above USD 110, persistent supply disruptions, rupee depreciation beyond 94.5 against the dollar, and sustained FII outflows are collectively intensifying macroeconomic concerns for Indian markets.
Across Asia, Japan’s Nikkei 225, China’s SSE Composite Index, and Hong Kong’s Hang Seng Index ended lower, while South Korea’s Kospi closed in positive territory. European markets were trading higher, while US markets ended on a flat note on Monday.
In the previous session, the Sensex had rallied 639.42 points, or 0.83 per cent, to settle at 77,303.63, while the Nifty climbed 194.75 points, or 0.81 per cent, to close at 24,092.70.
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