Mumbai, July 22: Benchmark indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday, taking losses to the third consecutive day, following a sharp spike in crude oil prices and selling in bank stocks.
The 30-share BSE Sensex tanked 715.06 points, or 0.92 per cent, to settle at 76,755.05. During the day, it slumped 828.92 points, or 1 per cent, to 76,641.19.
The 50-share NSE Nifty declined 191.45 points, or 0.79 per cent, to end at 23,996.25.
The BSE MidCap Select index tumbled 1.33 per cent and SmallCap Select index declined 1.16 per cent.
From the Sensex pack, InterGlobe Aviation, Infosys, State Bank of India, UltraTech Cement, ICICI Bank, and Axis Bank were among the major laggards.
Hindustan Unilever, NTPC, Power Grid, and Titan were among the winners.
Among sectors, realty tanked 2.62 per cent, services (1.97 per cent), PSU bank (1.83 per cent), focused IT (1.73 per cent), MidSmall private banks quality tilt (1.63 per cent), IT (1.47 per cent) and private banks index (1.42 per cent).
FMCG emerged as the only winner.
A total of 2,780 stocks declined, while 1,458 advanced and 180 remained unchanged on the BSE.
Brent crude, the global oil benchmark, jumped 4.68 per cent to USD 95.27 per barrel.
Investor attention remained firmly on the macro backdrop as higher crude oil prices and renewed concerns over potential US tariffs on pharmaceutical imports weighed on sentiment, he added.
In Asian markets, South Korea’s KOSPI and Shanghai’s SSE Composite index ended higher, while Japan’s Nikkei 225 index and Hong Kong’s Hang Seng index settled lower.
Markets in Europe were trading higher. US markets ended higher on Tuesday.
Foreign Institutional Investors (FIIs) turned buyers on Tuesday. They bought equities worth Rs 1,650.16 crore in the previous trade, according to exchange data.
On Tuesday, Sensex declined 238.41 points, or 0.31 per cent, to settle at 77,470.11. The Nifty edged lower by 50.80 points, or 0.21 per cent, to end at 24,187.70.
Rupee falls 28 paise against US dollar
The rupee depreciated by 28 paise to close at 96.53 against the US dollar on Wednesday, weighed down by surging crude oil prices and heightened geopolitical uncertainty.
Forex traders said risk aversion in global markets and a negative trend in domestic equities further dented investor sentiment.
At the interbank foreign exchange, the rupee opened at 96.36 against the US dollar and traded in the range of 96.25 to 96.60 during the day. The domestic unit finally settled at 96.53, lower by 28 paise from its previous close.
On Tuesday, the rupee had settled higher by 11 paise at 96.25 against the American currency.
Spot USD-INR remains on a bullish track, with near-term support pegged at 96.10 and a retest of the record high around 97 on the horizon, he said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.07 per cent at 101.10.
Forex traders said crude oil prices remain elevated amid concerns over the security of oil shipments through the Red Sea and Strait of Hormuz. (PTI)
