Sensex loses 417 points, Nifty ends at 23,873 as crude oil, global yields weigh on markets

MUMBAI: Indian equity markets closed lower on Thursday, with the Sensex losing 417 points and the Nifty 50 declining 41 points, as surging crude oil prices and elevated global yields kept investors cautious. The BSE Sensex closed at 76,152.86, down 417.49 points or 0.55 per cent, while the Nifty 50 ended at 23,873.45, lower by 41.00 points or 0.17 per cent.

Vinod Nair, Head of Research, Geojit Investments Limited, said the market’s recovery attempt lost steam as supportive global cues and renewed FII inflows were offset by geopolitical tensions and elevated global yields. “The market’s recovery attempt lost steam as supportive global cues and renewed FII inflows collided with lingering geopolitical tensions & elevated global yields,” Nair said.

He added that banking and realty stocks provided leadership, while small-cap stocks attracted investor interest, reflecting confidence in domestic growth prospects. “Stubbornly high crude oil prices continue to act as key overhangs for the domestic market,” Nair said.

According to him, India’s strong growth momentum and the recent sovereign rating upgrade remain important structural positives. However, near-term market direction will largely depend on global macroeconomic and geopolitical risks.

Sectoral indices ended on a mixed note. Nifty Auto declined 0.52 per cent, while Nifty FMCG lost 0.62 per cent. Nifty IT fell 0.85 per cent and Nifty Pharma declined 0.46 per cent. On the gaining side, Nifty Media rose 1.74 per cent, while Nifty Metal gained 0.14 per cent. Nifty PSU Bank advanced 0.48 per cent and Nifty Private Bank gained 0.51 per cent. Nifty Realty was among the top gainers, rising 2.58 per cent.

Crude oil prices remained a key concern for the domestic market. Brent crude oil prices surged 1.60 per cent to USD 97 per barrel at the time of reporting.

Asian markets also showed a mixed trend. Japan’s Nikkei closed down 0.09 per cent at the 64,270 level, while Hong Kong’s Hang Seng declined 0.66 per cent to 25,145. Taiwan’s Weighted Index fell 0.67 per cent to 45,857. Singapore’s Straits Times gained 0.06 per cent to close at 5,747, while South Korea’s Kospi rose 0.25 per cent to close at 6,579. (ANI)