Stock markets decline for 2nd day amid rising crude oil prices
Benchmark equity indices Sensex and Nifty ended lower for the second day on Wednesday as elevated crude oil prices and selling in Tata Group stocks after Tata Sons Chairman N Chandrasekaran said he will not seek reappointment when his current term ends on February 20, 2027, weighed on investors’ sentiment.
The 30-share BSE Sensex declined 187.90 points, or 0.24 per cent, to settle at 77,966.35. During the day, it tumbled 656.32 points, or 0.83 per cent, to 77,497.93.
The 50-share NSE Nifty dipped 35.75 points, or 0.15 per cent, to end at 24,435.95.
From the Sensex pack, TCS dropped the most by 3.71 per cent.
Mahindra & Mahindra, Tata Steel, Larsen & Toubro, Eternal and Infosys were also among the laggards.
State Bank of India, Bharti Airtel, UltraTech Cement and Power Grid were among the winners.
Brent crude, the global oil benchmark, dipped 0.17 per cent to $88.76 per barrel.
“Markets remained on edge ahead of key inflation readings in India and the US, with policymakers on both sides underscoring a data-driven approach amid heightened global uncertainty.
“Against this backdrop, elevated crude oil prices, which retested the $90/barrel level, weighed on investor confidence and triggered broad-based risk-off selling despite supportive cues from Asian peers,” Vinod Nair, Head of Research, Geojit Investments, said.
Tata Group stocks came under pressure following the Chairman’s exit, contributing to the underperformance of large-cap stocks relative to the broader market, he added.
In Asian markets, South Korea’s KOSPI jumped 3.68 per cent. Japan’s Nikkei 225 and Shanghai’s SSE Composite index also ended higher, while Hong Kong’s Hang Seng index settled lower.
US markets ended lower on Tuesday.
European markets were trading largely in positive territory.
Foreign Institutional Investors (FIIs) bought equities worth Rs 258.55 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex dropped 388.19 points, or 0.49 per cent, to settle at 78,154.25. The Nifty declined 112.10 points, or 0.46 per cent, to end at 24,471.70.
