Markets extend losses to 4th day as crude prices surge
Market benchmark indices Sensex and Nifty ended lower on Thursday, extending losses for the fourth straight session, as a sharp jump in crude oil prices due to escalating tensions in West Asia weighed on investor sentiment.
The 30-share BSE Sensex declined 363.66 points, or 0.47 per cent, to settle at 76,391.39. During the day, it tanked 603.07 points, or 0.78 per cent, to 76,151.98.
The 50-share NSE Nifty dipped 126.65 points, or 0.53 per cent, to end at 23,869.60.
From the Sensex pack, Adani Ports, Bajaj Finance, InterGlobe Aviation, Axis Bank, State Bank of India and Tata Steel were among the major laggards.
Mahindra & Mahindra, Tata Consultancy Services, Eternal and Bajaj Finserv were among the winners from the pack.
Brent crude, the global oil benchmark, jumped 4.52 per cent to $98.32 per barrel.
“Indian equity markets extended their decline as escalating tensions between the US and Iran, a sharp rise in crude oil prices and renewed concerns over global AI spending weighed on investor sentiment,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 819.20 crore on Wednesday after a day’s breather, according to exchange data.
“With crude oil prices approaching USD 100 per barrel amid concerns over further disruptions to global energy supplies, investor sentiment remained subdued as markets reassessed inflation risks and corporate margins,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea’s KOSPI jumped 4.40 per cent. Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index also ended higher.
Markets in Europe were trading lower. US markets ended in the negative territory on Wednesday.
On Wednesday, the Sensex tanked 715.06 points, or 0.92 per cent, to settle at 76,755.05. The Nifty declined 191.45 points, or 0.79 per cent, to end at 23,996.25.
