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Indian stock markets, including the Sensex and Nifty, are experiencing significant volatility as elevated crude oil prices, rising US bond yields, and selling in key IT stocks weigh heavily on investor sentiment.
Photograph: Shailesh Andrade/Reuters
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices, Sensex and Nifty, experienced volatile trading due to elevated crude oil prices and high US bond yields.
- Selling pressure in IT stocks, including Infosys and TCS, contributed to the market’s downturn.
- Brent crude oil remained high at $105.5 per barrel, while the US 10-year yield hovered around 5.2 per cent, posing significant headwinds for global equity markets.
- Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,027.36 crore, indicating a cautious sentiment among international investors.
- Major winners included Larsen & Toubro, Axis Bank, and Mahindra & Mahindra, while Infosys and Tata Consultancy Services were among the laggards.
Market benchmark indices Sensex and Nifty faced volatile trends after rebounding in early trade on Friday as elevated crude oil prices, high US bond yields and selling in IT stocks weighed on investors’ sentiment.
After sharp losses in the previous session, the 30-share BSE Sensex climbed 86 points to 73,672.98 in early trade.
The 50-share NSE Nifty was up 18.80 points to 23,080.45.
However, the BSE benchmark later quoted 12.95 points down at 73,568.22, and the Nifty dipped 16.75 points to trade at 23,049.40.
Winners and Losers on Dalal Street
Among the 30 Sensex firms, Larsen & Toubro, Axis Bank, Mahindra & Mahindra, Power Grid, State Bank of India, HCL Tech and Bajaj Finance were the major winners.
Infosys, Tata Consultancy Services, Tech Mahindra and NTPC were among the laggards.
Global Factors and Expert Insights
Brent crude, the global oil benchmark, traded 0.99 per cent lower at $105.5 per barrel.
“Sometimes many negative news come together to spook the markets.
“This was what happened yesterday when rising US bond yields, spiking crude and concerns over IRDA’s proposals on insurance commissions spooked the Nifty by 383 points.
“Even though crude has cooled off a bit, Brent remains high at $106,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
The US 10-year yield hovering around 5.2 per cent continues to be a strong headwind for equity markets globally and for India elevated crude would remain a big challenge if it remains high for too long, he added.
International Market Trends and FII Activity
In Asian markets, Nikkei 225 index quoted in positive territory, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index traded lower.
US markets ended mostly lower on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,027.36 crore on Thursday, according to exchange data.
