1 week ago
Indian Stocks Slip as Iran Sanctions and Crude Prices Weigh
Indian stock markets were weaker on Monday and early Tuesday.
On Monday, the Sensex and Nifty 50 gave up their early gains and ended slightly lower.
Investors were worried about expensive crude oil and possible new United States sanctions on Iran.
Tensions in the Middle East also made investors cautious on Tuesday.
The approaching monthly expiry of Nifty 50 derivatives added to the uncertainty.
Some sectors, such as technology, metals, realty, and energy, helped reduce Monday’s losses.
On Tuesday morning, most sectors were falling, although media and public-sector bank shares were among the few gainers.
Mid-sized companies rose slightly on Monday, while small-company shares fell.
An analyst said the Nifty could continue moving up and down in the short term.
On Monday, the Sensex fell 171.72 points, or 0.22%, to 77,369.11, while the Nifty 50 declined 32.95 points, or 0.14%, to 24,219.05.
At 10:30 am Tuesday, the Sensex was down 204 points at 77,164, and the Nifty 50 had fallen 86 points, or 0.36%, to 24,132.
Investors remained cautious over elevated crude prices, fresh or potential United States sanctions on Iran, and rising Middle East tensions.
Monday’s losses were limited by selective buying in information technology, metals, realty, and energy stocks, while 11 of 16 major sectoral indices declined.
Nagaraj Shetti said the Nifty’s short-term trend remained choppy, with support near 24,100–24,000 and an upside hurdle around 24,300.
- Who
- Indian stock-market investors, with technical analysis from Nagaraj Shetti of HDFC Securities.
- What
- The Sensex and Nifty 50 declined on Monday, while both indices were also lower in early Tuesday trading.
- Where
- India’s benchmark stock market.
- When
- Monday at the close and Tuesday at 10:30 am.
- Why
- Investors were concerned about elevated crude prices, Iran-related United States sanctions, Middle East tensions, and the approaching monthly expiry of Nifty 50 derivatives contracts.
Key facts
- Monday Sensex close
- 77,369.11, down 171.72 points or 0.22%
- Monday Nifty 50 close
- 24,219.05, down 32.95 points or 0.14%
- Tuesday 10:30 am
- Sensex at 77,164, down 204 points; Nifty 50 at 24,132, down 86 points or 0.36%
- Crude prices
- WTI crude at $85.44 a barrel and Brent crude at $92.51
- Monday sector breadth
- 11 of 16 major Nifty sectoral indices ended lower
- Tuesday sector breadth
- 14 of 16 major Nifty sectoral indices were trading lower at 10:30 am
- Technical levels
- Nifty support near 24,100–24,000 and resistance near 24,300, according to Nagaraj Shetti
Quotes
Nagaraj Shetti
Senior technical research analyst at HDFC Securities
“The underlying short-term trend of Nifty remains choppy. Any weakness down to the key supports of around 24100-24000 levels could be a buying opportunity. Any sustainable upside above the hurdle of 24300 could reverse the trend on the upside.”
deccanchronicle.com
Sources
Related news
Sensex, Nifty Slip as US-Iran Tensions Lift Volatility
Sensex falls 388 points, Nifty settles below 24,500
Sensex, Nifty Slip as Crude, US-Iran Tensions Weigh
Sensex, Nifty drop as crude hits $91 on Iran-US tensions
Sensex, Nifty Slip As US-Iran Standoff Weighs On Markets
Sensex Sinks 493 Points, Nifty Ends Below 24,200
India Draws Record $127 Billion Through Special FCNR Window
Major Banks Cut FCNR Deposit Rates After Subsidy Ends
Uber Driver Returns ₹37,000 Sent by Mistake, Refuses Reward
Indian Stocks Extend Three-Day Losing Streak as Oil Rises
ICICI Bank Nears HDFC Bank as Nifty’s Top Influence
