7 hrs ago
Sensex, Nifty Gain 0.5% as Crude Oil Weighs
India’s main stock-market indexes moved up and down during Wednesday’s trading.
By about 10:45 am, the Sensex and Nifty were up around 0.5%.
Earlier gains faded as some investors sold shares to lock in profits.
Investors were also waiting for the US Federal Reserve to announce its interest-rate decision.
FMCG companies helped lift the market.
Pharma, IT, mid-cap and small-cap shares were weaker.
Higher crude oil prices made investors nervous because they can affect companies and the economy.
Analysts said the Nifty may need to rise above 23,300 or 23,600 to attract stronger buying.
Sensex and Nifty rose about 0.5% in volatile trading after giving up much of their early gains.
Investors booked profits and remained cautious ahead of the US Federal Reserve’s interest-rate decision.
FMCG stocks supported the market, while pharma, IT, mid-cap and small-cap shares faced pressure.
Brent crude traded near $108.3 per barrel after reaching a four-month high amid supply concerns.
Foreign investors sold Rs 2,978 crore of equities, while domestic institutions bought shares worth Rs 2,686 crore on Tuesday.
- Who
- Indian stock-market investors, foreign and domestic institutional investors, and companies listed on the Sensex and Nifty.
- What
- The Sensex and Nifty rose about 0.5% in volatile trading, while market breadth remained weak.
- Where
- Indian equity markets; crude oil supply concerns involved Saudi Arabia’s Yanbu port and shipments to Europe.
- When
- Wednesday trading; foreign and domestic institutional flows cited were from Tuesday.
- Why
- Markets were influenced by profit booking, caution ahead of the US Federal Reserve’s decision, elevated crude oil prices and foreign equity outflows.
Key facts
- Sensex at 10:45 am
- Up nearly 400 points, or about 0.5%.
- Nifty at 10:45 am
- Up 127 points, or about 0.55%.
- Market breadth
- 2,405 shares declined compared with 856 advancing shares.
- Brent crude
- Traded near $108.3 per barrel after reaching a four-month high.
- Foreign institutional investors
- Sold equities worth Rs 2,978 crore on Tuesday.
- Domestic institutional investors
- Bought shares worth Rs 2,686 crore on Tuesday.
- Technical levels
- Analysts said the Nifty needs to decisively cross 23,300 for fresh buying interest; a sustained move above 23,600 could signal a trend reversal.
Sources
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