Business News | Nifty Closes Below 23,500, Sensex Falls over 1% as Brent Crude Crosses USD 100 Per Barrel
Get latest articles and stories on Business at LatestLY. Indian equity markets closed under pressure on Wednesday as Brent crude oil prices crossed USD 100 per barrel, raising concerns over inflation and economic growth. During the session, the Nifty 50 also touched a three-month low.
Mumbai (Maharashtra) [India], September 9 (ANI): Indian equity markets closed under pressure on Wednesday as Brent crude oil prices crossed USD 100 per barrel, raising concerns over inflation and economic growth. During the session, the Nifty 50 also touched a three-month low.
The Nifty 50 index closed at 23,431.50, down 203.60 points or 0.86 per cent, while the BSE Sensex closed at 74,764.23, declining 813.35 points or 1.08 per cent.
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Brent crude oil prices crossed the USD 100 per barrel mark at the time of reporting, rising 2.72 per cent. The sharp rise in crude prices increased concerns over inflation and its impact on the Indian economy, while also weighing on investor sentiment.
Vinod Nair, Head of Research, Geojit Investments, said markets are increasingly factoring in a prolonged Middle East conflict and continued hostilities, which could keep crude oil prices elevated in the near term.
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“Persistent geopolitical uncertainty is making it difficult for major central banks to achieve a balance between growth and inflation, while higher energy costs pose risks to both economic activity and price stability,” Nair said.
He added that volatility in bond yields and currencies could keep investors cautious and limit risk appetite.
Among sectoral indices on the NSE, most sectors ended lower. Nifty IT was the biggest loser, declining 3.38 per cent, followed by Nifty Realty, which fell 1.88 per cent. Nifty FMCG declined 0.88 per cent, Nifty Pharma fell 0.83 per cent, Nifty Media lost 0.94 per cent, Nifty Private Bank declined 0.72 per cent, while Nifty Auto fell 0.45 per cent.
The Nifty Metal index was the only major sectoral gainer, rising 1.67 per cent.
In the Nifty 50 index, Adani Enterprises, Max Health, Adani Ports and Coal India were among the top gainers. Infosys, HCL Tech, Tech Mahindra, HDFC Life and Wipro were among the top losers.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in, described the decline as routine profit booking rather than a change in the broader trend, provided key support levels hold.
“Today's dip looks like routine profit booking rather than a change in trend, provided the key supports hold. The larger picture still favours the bulls,” Arora said, adding that a buy-on-dips approach in quality names with disciplined risk management remains appropriate.
Meanwhile, gold prices rose 0.33 per cent to Rs 1,53,080 per 10 gram for 24 karats, while silver prices increased 0.22 per cent to Rs 2,39,884 per kg at the time of reporting.
Asian markets were largely lower. Taiwan’s Weighted Index rose 0.16 per cent to close at 47,183, while South Korea’s KOSPI gained 1.38 per cent to close at 7,051.
Japan’s Nikkei 225 declined 0.15 per cent to close at 65,170, Singapore’s Straits Times fell 0.66 per cent to 5,729, and Hong Kong’s Hang Seng lost 0.33 per cent to close at 25,234. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)