1 hr ago
Sensex, Nifty Tumble as Crude Oil Surges Above $100
India’s main stock markets fell sharply on Thursday morning.
The Sensex dropped about 633 points, and the Nifty also declined.
One reason was that Brent crude oil became more expensive than $100 a barrel.
Higher oil prices can make investors worry about the economy and company costs.
Banking and finance shares were among the biggest losers.
Some technology, pharmaceutical and banking companies still gained.
Global markets were mostly weak or mixed, adding to investor concerns.
Investors were also watching the National Stock Exchange’s market debut.
Foreign investors had bought Indian shares worth Rs 1,617.45 crore on the previous day.
The Sensex fell 632.68 points to 74,189.55 and the Nifty dropped 216.15 points to 23,222.55 in early Thursday trade.
Brent crude rose above $100 per barrel, reaching $102.2, while the US 10-year bond yield climbed to 5.11%.
Banking and NBFC shares faced heavy selling, with Bajaj Finance and Bajaj Finserv among the biggest Sensex decliners.
Tech Mahindra, Sun Pharma, HCL Technologies, ICICI Bank and Tata Consultancy Services were among the gainers.
Foreign institutional investors bought equities worth Rs 1,617.45 crore on Wednesday, while global markets showed mixed or negative trends.
- Who
- Indian benchmark indices Sensex and Nifty, along with investors and listed companies.
- What
- The Sensex and Nifty fell sharply in early trade, led by selling in banking and NBFC stocks.
- Where
- Indian stock exchanges, including the Bombay Stock Exchange and National Stock Exchange.
- When
- Thursday morning in early trade; the foreign-investor data refers to Wednesday.
- Why
- Rising Brent crude prices, higher US Treasury yields and weak or mixed global market trends hurt investor sentiment.
Key facts
- Sensex move
- Down 632.68 points to 74,189.55 in early trade.
- Nifty move
- Down 216.15 points to 23,222.55 in early trade.
- Brent crude
- Quoted at $102.2 per barrel after moving above $100.
- US 10-year yield
- Rose to 5.11%, according to the cited market commentary.
- Top laggard
- Bajaj Finance fell 4.75%; Bajaj Finserv declined 3.49%.
- Foreign institutional investors
- Bought equities worth Rs 1,617.45 crore on Wednesday.
- NSE initial public offering
- The Rs 22,569 crore IPO received 5.71 times overall subscription.
Quotes
V K Vijayakumar
Chief Investment Strategist at Geojit Investments Limited
“The sharp spike in Brent crude above USD 102 and the US 10-year bond yield rising to 5.11 per cent will weigh on the market today. So long as these two global headwinds remain, the prospects of a smart recovery in the market appear remote. Today the market's focus will be on the NSE listing.”
rediff.com
deccanchronicle.com
Ponmudi R
CEO of Enrich Money, an online trading and wealth-tech firm
“A rebound in crude oil prices amid renewed uncertainty surrounding the US-Iran diplomatic process, coupled with a rise in US Treasury yields, is likely to prompt some profit-taking after the market's recent gains. WTI crude is currently trading around USD 91–92 a barrel, while Brent has climbed back above the USD 100 mark. Wall Street closed sharply lower, while Asian markets are showing mixed trends in early trade.”
rediff.com
deccanchronicle.com
Sources
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