Sensex closes lower by 582 pts as high crude oil prices dent investor sentiment

 

Benchmark stock indices Sensex and Nifty closed nearly 1 per cent lower on Thursday as crude oil prices, weak global trends and foreign fund outflows weighed on investor sentiment.

The 30-share BSE Sensex tumbled 582.86 points or 0.75 per cent to settle at 76,913.50. During the day, it plunged 1,237.5 points, or 1.59 per cent, to 76,258.86, but recovered some of the losses in the second half of the session.

The 50-share NSE Nifty dived 180.10 points or 0.74 per cent to end at 23,997.55.

Among the 30-Sensex firms, Eternal, Hindustan Unilever, Tata Steel, Larsen & Toubro, UltraTech Cement and Mahindra & Mahindra were the major laggards. Sun Pharma, Infosys, Bajaj Finance and Adani Ports were among the gainers. Brent crude, the global oil benchmark, traded 1.52 per cent lower at $116.2 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth `2,468.42 crore on Wednesday, according to exchange data. “Indian markets closed a volatile session with a clear shift in intra-day sentiment, where early panic selling was gradually absorbed, leading to a disciplined recovery from the lows. The Nifty-50 opened with a sharp gap down near the crucial 24,000 support, reflecting weak global cues and a risk-off undertone.

“Escalating geopolitical tensions in West Asia and Brent crude surging above $120 triggered concerns around inflation, currency stability, and margin pressures. This was further aggravated by the rupee hitting record lows, accelerating FII outflows and weakening overall sentiment,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.

However, the second half marked a notable turnaround, he said. In broader markets, the BSE MidCap Select index dropped 0.84 per cent and the BSE.