Sensex, Nifty Fall as Brent Crude Rises Above $91 Per Barrel
Among Nifty 50 constituents, Eternal was the top gainer, rising 0.75 per cent
Mumbai: The Indian equity markets extended their losing streak to a sixth consecutive session on Tuesday tracking weakness across global markets as rising crude oil prices and US treasury yields reduced the relative appeal of emerging market assets.
The S&P BSE Sensex closed down by 492.70 points or 0.63 per cent to 77,235.46 while the Nifty 50 index lost 132.75 points or 0.55 per cent to close at 24,154.90. The Sensex declined 1.08 per cent in three consecutive trading sessions, while the Nifty fell 1.74 per cent in six consecutive trading sessions. The IT, realty and PSU bank stocks declined, while media, auto and healthcare shares advanced.
Among Nifty 50 constituents, Eternal was the top gainer, rising 0.75 per cent. Grasim Industries advanced 0.65 per cent, while ONGC, Bajaj Auto and Maruti Suzuki gained more than 0.5 per cent each.
Brent crude futures edged up 0.4 per cent to $91.26 a barrel as Iran indicated that it could adopt a more offensive posture while US President Donald Trump ruled out an extension to the ceasefire arrangement.
Siddhartha Khemka, head of research, Wealth Management at Motilal Oswal Financial Services said, “Indian equities are likely to remain under pressure in the near term as elevated crude oil prices, US-Iran tensions and weak global cues weigh on sentiment. With Brent crude rising above US$90/bbl and the reopening of the Strait of Hormuz remaining unresolved, oil prices will remain a key monitorable for the rupee, inflation and foreign flows.”
