1 day ago
Indian Stocks Slide as Crude Surge Revives Rate Fears
Indian stock markets fell on Monday.
The Sensex and Nifty both ended lower.
Investors were worried because tensions between the United States and Iran pushed oil prices up.
Higher oil prices can increase the cost of many goods.
Global bond yields also rose, raising fears that interest rates may stay high.
Foreign investors also sold shares, adding to the pressure.
Adani Ports and several large companies declined.
Some companies, including Sun Pharma and major banks, gained.
Analysts said these factors could make markets more unsettled in the short term.
The BSE Sensex fell 307.24 points, or 0.40 per cent, to 76,957.27.
The NSE Nifty declined 95.25 points, or 0.39 per cent, to 24,080.40.
Renewed US-Iran tensions pushed crude oil and global bond yields higher.
Selling hit utilities, IT and FMCG shares, while foreign fund outflows weakened sentiment.
Adani Ports was the biggest Sensex decliner, while Sun Pharma and major banks gained.
- Who
- Indian stock-market investors, companies listed on the BSE and NSE, and foreign funds.
- What
- The Sensex and Nifty closed lower as crude oil prices and bond yields rose.
- Where
- Indian stock markets, including the BSE and NSE, in Mumbai.
- When
- Monday.
- Why
- Renewed US-Iran tensions, higher crude prices, elevated global yields, weak global markets and foreign fund outflows increased concern about inflation and interest rates.
Key facts
- Sensex close
- 76,957.27, down 307.24 points or 0.40 per cent.
- Nifty close
- 24,080.40, down 95.25 points or 0.39 per cent.
- Sensex intraday low
- 76,751.32, after a decline of 513.19 points or 0.66 per cent.
- Biggest Sensex decliner
- Adani Ports, down 4.11 per cent.
- HDFC Bank
- The stock fell 1.53 per cent after CEO and Managing Director Sashidhar Jagdishan announced he would seek reappointment after October 26.
- Sensex breadth
- Twenty constituents fell and 10 gained.
- Key market concerns
- Higher crude oil prices, rising bond yields, potential rate increases, weak global markets and foreign fund outflows.
Quotes
Vinod Nair
Head of Research at Geojit Investments Limited
“Escalating tensions between the US and Iran have kept investors on edge, as fading prospects of a diplomatic breakthrough pushed crude oil prices and global bond yields higher.”
thehansindia.com
Sources
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