Markets end in red on surging crude prices, FII outflows

Surging crude oil prices and a strengthening dollar index also contributed to the weak trend in equities.

In a volatile trade, the 30-share BSE benchmark Sensex declined 241.30 points or 0.31 per cent to settle at 77,378.91.

During the day, the benchmark gyrated 820.15 points between the day’s high of 77,919.70 and a low of 77,099.55.

The NSE Nifty dropped 95 points or 0.40 per cent to 23,431.50.

From the 30-share blue-chip pack, IndusInd Bank, NTPC, UltraTech Cement, Sun Pharma, Axis Bank, State Bank of India, Tata Steel, Power Grid, Adani Ports and Kotak Mahindra Bank were among the major laggards.

Tata Consultancy Services jumped nearly 6 per cent after the IT services company reported an 11.95 per cent jump in the December quarter net profit to Rs 12,380 crore.

Tech Mahindra, HCL Tech, Infosys and Bajaj Finserv were the other big gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,170.87 crore on Thursday, according to exchange data.

“Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index.

“Despite the IT sector’s resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations.

“Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance,” Vinod Nair, Head of Research, Geojit Financial Services, said.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.

Global oil benchmark Brent crude jumped 2.02 per cent to $78.47 a barrel.