7 hrs ago
Indian Stocks Extend Three-Day Losing Streak as Oil Rises
Indian stock markets went down for the third day in a row.
The Sensex and Nifty are numbers that show how many important Indian company shares are performing.
Investors were worried because fighting in West Asia could affect oil supplies.
The price of Brent crude rose to $95.13 per barrel.
Higher oil prices and rising bond yields made investors less willing to take risks.
Stock markets in Asia, Europe and the United States also fell.
Shares of companies such as Asian Paints and HDFC Bank declined.
Some companies, including Adani Ports and Bajaj Finserv, gained despite the broader fall.
The Sensex fell 373.93 points, or 0.49%, to 76,570.35, while the Nifty dropped 141.35 points, or 0.59%, to 23,914.45.
Indian benchmarks declined for a third consecutive session amid a broad global selloff and risk-off investor sentiment.
Escalating conflict in West Asia, renewed US-Iran hostilities and concerns about energy supplies pushed Brent crude to $95.13 per barrel.
Asian Paints, HDFC Bank, Mahindra & Mahindra, HCL Tech, Bharat Electronics and Infosys were among the major laggards.
Adani Ports, Bajaj Finserv, Power Grid, NTPC and Titan gained, while foreign institutional investors bought Rs 1,143.38 crore of equities on Tuesday.
- Who
- Indian equity investors, companies listed on the BSE and NSE, and foreign institutional investors.
- What
- The Sensex and Nifty extended their losses for a third consecutive trading session.
- Where
- Indian stock markets, including the BSE and NSE, amid declines across global markets.
- When
- Wednesday; the reported foreign-investor purchases occurred on Tuesday.
- Why
- Escalating West Asia tensions, renewed US-Iran hostilities, higher crude oil prices, rising global bond yields and weak international market cues reduced investor risk appetite.
Key facts
- Sensex close
- 76,570.35, down 373.93 points or 0.49%.
- Nifty close
- 23,914.45, down 141.35 points or 0.59%.
- Sensex intraday low
- 76,135.72, after a decline of 808.56 points or 1.05%.
- Brent crude
- $95.13 per barrel, up 0.40%.
- Foreign institutional investors
- Net purchases of Rs 1,143.38 crore on Tuesday.
- Weakest BSE sector
- Auto fell 1.68%, followed by IT, which declined 1.17%.
- Global market context
- South Korea's Kospi fell 3.99% and Japan's Nikkei 225 dropped 2.85%; European markets were also trading lower.
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth, a research analyst firm
“Indian equity markets extended their losing streak to a third consecutive session, tracking a broad global selloff as renewed US-Iran hostilities reignited concerns over energy supplies and dashed hopes of an early reopening of the Strait of Hormuz. Rising crude oil prices and higher global bond yields continued to erode risk appetite, keeping investors firmly in risk-off mode.”
thehansindia.com
rediff.com
“Indian equity benchmarks came under broad-based selling pressure on Wednesday as weak global cues triggered a risk-off move across asset classes”
thehansindia.com
Sources
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