Business News | Sensex Ends 388 Points Lower, Nifty Falls 112 Points Amid Crude Oil Surge
Get latest articles and stories on Business at LatestLY. Indian equity markets closed lower on Tuesday, with the Sensex declining 388.19 points, or 0.49 per cent, to 78,154.25, while the Nifty 50 fell 112.10 points, or 0.46 per cent, to 24,471.70, as a sharp rise in crude oil prices renewed concerns over inflation.
Mumbai (Maharashtra) [India], August 11 (ANI): Indian equity markets closed lower on Tuesday, with the Sensex declining 388.19 points, or 0.49 per cent, to 78,154.25, while the Nifty 50 fell 112.10 points, or 0.46 per cent, to 24,471.70, as a sharp rise in crude oil prices renewed concerns over inflation.
The market remained under pressure as Brent crude oil prices rose by more than 2 per cent to USD 89 per barrel at the time of filing, increasing concerns over higher energy costs.
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Vinod Nair, Head of Research, Geojit Investments Limited, said the rise in crude prices shifted investor attention back towards inflation risks and limited the positive impact of supportive corporate earnings.
"A sharp rebound in crude prices shifted market attention back to inflation risks, tempering investor enthusiasm despite a supportive earnings backdrop," Nair said.
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He added that concerns over disruptions in the Strait of Hormuz and the US-Iran negotiations kept investor sentiment cautious, particularly ahead of key inflation data from India and the US.
The risk-off sentiment affected several sectors that are more vulnerable to higher energy costs. However, pharma and select IT stocks remained relatively stronger during the session.
Among the sectoral indices on the NSE, Nifty FMCG declined 1.17 per cent, while Nifty Metal fell 0.95 per cent and Nifty Realty declined 0.99 per cent. Nifty Auto fell 0.55 per cent, while Nifty Media declined 0.43 per cent.
Nifty Private Bank also fell 0.56 per cent, while Nifty Consumer Durables gained 0.15 per cent. Nifty PSU Bank was nearly flat, gaining 0.01 per cent.
On the positive side, Nifty IT gained 0.61 per cent, while Nifty Pharma rose 1.02 per cent.
Among the Nifty 50 stocks, Dr Reddy's, Eternal, TCS, Infosys, HCL Tech and Bajaj Finserv were among the top gainers. Tata Consumer, Max Healthcare, Nestle India and UltraTech Cement were among the top losers.
Despite the broader weakness, Nair said strong foreign inflows and positive corporate earnings were helping limit the downside in the market.
"Nevertheless, robust foreign inflows and encouraging corporate earnings are limiting the downside risk," he said.
In other Asian markets, the trend was mixed. Japan's Nikkei 225 gained more than 2 per cent to 66,970, while Singapore's Straits Times rose 0.98 per cent to 5,754. Taiwan's weighted index gained 0.43 per cent to 45,120, and South Korea's KOSPI rose 0.72 per cent to 6,345.
However, Hong Kong's Hang Seng index declined more than 1 per cent to 25,671. (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)