Business News | Nifty Falls 85 Points, Sensex Slips 330 Points as IT Stocks Drag Markets, Easing Crude Limits Losses
Get latest articles and stories on Business at LatestLY. Domestic equity markets closed lower on Tuesday, with the Nifty 50 falling 85.30 points, or 0.36 per cent, to 23,329, while the BSE Sensex declined 329.91 points, or 0.44 per cent, to 74,529.08, as losses in IT and other key sectors weighed on sentiment.
New Delhi [India], September 22 (ANI): Domestic equity markets closed lower on Tuesday, with the Nifty 50 falling 85.30 points, or 0.36 per cent, to 23,329, while the BSE Sensex declined 329.91 points, or 0.44 per cent, to 74,529.08, as losses in IT and other key sectors weighed on sentiment.
However, the decline in crude oil prices below the USD 100 per barrel mark provided some relief to investors and helped the markets recover from their intraday lows.
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Vinod Nair, Head of Research, Geojit Investments, said the continued decline in crude oil prices, with Brent slipping below the key USD 100 per barrel level, provided relief to investors and helped the domestic market recover from intraday lows, although overall sentiment remained cautious.
"Expectations of renewed diplomatic efforts surrounding the Iran conflict and prospects of improved Saudi oil shipments eased concerns over inflationary pressures, while positive global cues lent additional support to the market," Nair said.
He added that while geopolitical uncertainties remain unresolved, sustained stability in energy prices could improve earnings visibility and provide a firmer foundation for a broader market recovery.
On the NSE, Nifty Media was the top gainer among sectoral indices, rising 1.21 per cent. Nifty Realty gained 0.72 per cent, while Nifty Metal rose 0.10 per cent.
On the other hand, Nifty IT declined 0.92 per cent, followed by Nifty PSU Bank which fell 0.59 per cent and Nifty Pharma, which declined 0.54 per cent. Nifty Auto fell 0.23 per cent, while Nifty Private Bank declined 0.09 per cent.
Brent crude was trading at USD 98.87 per barrel at the time of reporting, down below the USD 100 mark.
N S Ramaswamy, Head of Commodity & CRM at Ventura, said the temporary calm in transit routes and moderation in crude oil prices indicated that peak geopolitical risk premiums were receding.
"With the shipping stability and easing of supply concerns, the acute 'war risk premium' is shedding. The market approach is now a shift from panic buying to a wait-and-watch approach," Ramaswamy said.
He added that the recent price movement was not due to physical demand but reflected reactions to international diplomatic developments, while physical inventory levels remained structurally tight with global stock drawdowns.
In other commodities, gold prices declined 0.30 per cent to Rs 1,52,573 per 10 grams for 24-karat purity, while silver prices fell 0.55 per cent to Rs 2,38,000 per kg at the time of reporting.
Other Asian markets remained largely positive. Japan's Nikkei 225 index rose 1.36 per cent to close at 65,018, while Singapore's Straits Times gained 0.86 per cent to 5,723. Hong Kong's Hang Seng index rose 0.12 per cent to 25,074, South Korea's KOSPI gained 0.15 per cent to 7,017 and Taiwan's Weighted Index increased 0.17 per cent to 47,800. (ANI)
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