Spike in oil prices
Mumbai, June 3: Benchmark indices Sensex and Nifty closed lower on Wednesday after a day’s breather, dragged by heavy selling in IT stocks, a fresh spike in crude oil prices and persistent foreign fund outflows.
The 30-share BSE Sensex dropped 303.67 points, or 0.41 per cent, to settle at 74,346.17. During the day, it tanked 1,157.24 points, or 1.55 per cent, to 73,492.60.
The 50-share NSE Nifty declined 77.95 points, or 0.33 per cent to end at 23,405.60. Benchmark indices had snapped a four-day falling streak to close nearly half a per cent higher in the previous session on Tuesday..Among 30 Sensex firms, Tata Consultancy Services tumbled 8.43 per cent, followed by Tech Mahindra (6.23 per cent), HCL Tech (5.25 per cent) and Infosys (3.82 per cent). ITC, Eternal, Larsen & Toubro and Bajaj Finance were also among the laggards. InterGlobe Aviation, State Bank of India, ICICI Bank and Trent were among the gainers from the blue-chip pack.
Brent crude, the global oil benchmark, jumped 3 per cent to USD 98.92 per barrel.Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,362.92 crore on Tuesday, according to exchange data. “Indian equities witnessed another highly volatile session today. Markets opened under pressure as geopolitical concerns, elevated crude oil prices, and a sharp sell-off in IT stocks weighed on sentiment,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.(PTI)
The key story of the day was the sharp correction in IT, he said. (PTI)
