Business Economy


Stock Markets end in red with Sensex loses 778 points, Nifty at 5-month low

New Delhi, Sep 15 (UNI) Indian equity benchmarks reversed their early gains on Tuesday as rising crude oil prices, persistent geopolitical uncertainty and weak global cues triggered selling pressure across the market.
The Sensex ended 777.94 points, or 1.04 per cent, lower at 74,000.86, after swinging sharply during the session. The index had opened on a stronger note but failed to sustain its gains as selling intensified later in the day. It fell as much as 787.73 points, or 1.05 per cent, to 73,994.03 during the session.
The Nifty 50 declined 279.50 points, or 1.19 per cent, to settle at 23,118.60, marking its lowest closing level since April 6 and extending the pressure on Indian equities.
The market's turnaround came as investors remained concerned about the impact of elevated crude prices on India's economy. The Indian crude oil basket has climbed sharply in recent weeks, raising concerns over the country's import bill, inflation, the rupee and corporate margins.
The renewed escalation in geopolitical tensions has also kept investors cautious. Higher oil prices are particularly significant for India given its heavy dependence on crude imports, with sustained elevated prices potentially putting pressure on the current account and the domestic currency.
Information technology stocks emerged as a bright spot on an otherwise weak trading session.
HCL Technologies was among the biggest gainers on the Sensex, rising 3.98 per cent, while Infosys advanced 3.64 per cent. Tech Mahindra gained 2.31 per cent, while Tata Consultancy Services (TCS) rose 2.18 per cent.
HDFC Bank also finished higher, gaining 1.27 per cent, providing some support to the benchmark amid broad-based selling elsewhere.
On the losing side, Bharat Electronics declined around 6 per cent, emerging as one of the biggest drags on the Sensex.
InterGlobe Aviation, the operator of IndiGo, also came under pressure. Rising crude prices are closely watched by the aviation sector because jet fuel is a significant component of airline operating costs.
Titan, Bajaj Finserv, Adani Ports, Mahindra & Mahindra and State Bank of India were among the other prominent laggards.
The sharp intraday reversal highlighted the fragile mood in the market. While the benchmarks initially benefited from early buying, investors turned cautious as concerns over crude prices and geopolitical developments resurfaced.
With the Nifty now closing at a five-month low, investors are likely to closely track movements in crude oil, the rupee, global markets and foreign fund flows for further direction. A sustained rise in oil prices could remain a key headwind for Indian equities, particularly if it begins to translate into higher inflation and tighter financial conditions.UNI VK AAB
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