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Indian stock markets, including the Sensex and Nifty, experienced their third consecutive day of declines, influenced by rising crude oil prices, high global bond yields, and substantial foreign fund outflows, prompting investor caution.
Photograph: Hemanshi Kamani/Reuters
Key Points
- Indian benchmark indices Sensex and Nifty recorded their third consecutive day of losses.
- The BSE Sensex declined 48.78 points to settle at 72,480.29, while the NSE Nifty dropped 95.75 points to 22,620.45.
- Key factors contributing to the decline include firm crude oil prices, elevated global bond yields, and significant foreign institutional investor (FII) outflows of Rs 9,980.22 crore.
- Analysts attribute the cautious market tone to profit booking, a rebound in oil prices, and ongoing monitoring of inflation expectations and global monetary policy implications.
Market benchmark indices Sensex and Nifty ended lower on Wednesday, extending losses for the third straight day, as firm crude oil prices, elevated global bond yields and foreign fund outflows made investors jittery.
Giving up all intraday gains, the 30-share BSE Sensex declined 48.78 points, or 0.07 per cent, to settle at 72,480.29 on fag-end selling. During the day, it jumped 533.16 points, or 0.73 per cent, to 73,062.23.
The 50-share NSE Nifty dropped 95.75 points, or 0.42 per cent, to end at 22,620.45.
Market Movers and Global Factors
From the 30 Sensex firms, Eternal, Sun Pharma, Titan, Adani Ports, Tata Steel and HDFC Bank were among the major laggards.
Kotak Mahindra Bank, ICICI Bank, InterGlobe Aviation and Axis Bank were among the winners.
Brent crude, the global oil benchmark, was up 0.54 per cent to $103.1 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,980.22 crore on Tuesday, according to exchange data.
Expert Insights on Market Trends
“The relief rally loses its steam with profit booking at the higher levels, followed by a rebound in oil prices. The elevated global bond yields continue to remain a key overhang, limiting the scope for sustained risk-taking.
“The overall market tone remains cautious; investors continue to monitor the trajectory of crude oil prices, bond yields, inflation expectations, and the potential implications for global monetary policy,” Vinod Nair, Head of Research, Geojit Investments Ltd, said.
In Asian markets, South Korea’s Kospi ended lower, while Shanghai’s SSE Composite index, Japan’s Nikkei 225 and Hong Kong’s Hang Seng index settled higher.
Markets in Europe were trading on a mixed note.
US markets ended lower on Tuesday.
“Crude oil prices remained relatively stable through the session, offering little fresh direction as uncertainty over the regional conflict and its implications for global energy supplies remained unresolved.
“This kept the broader market tone measured rather than decisively negative,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
