Stock markets fall for 3rd day amid geopolitical tensions and oil price spike
Sensex declined 115.81 points or 0.17% to settle at 66,166.93 and Nifty slipped 19.30 points or 0.10% to 19,731.75
image for illustrative purpose
Mumbai: Benchmark equity indices ended lower on Monday, falling for the third day running, amid weak trends in global markets and spike in Brent crude oil prices due to geopolitical tension in the Middle East.
The 30-share BSE Sensex declined 115.81 points or 0.17 per cent to settle at 66,166.93. During the day, it fell 243.36 points or 0.36 per cent to 66,039.38. The Nifty slipped 19.30 points or 0.10 per cent to 19,731.75.
From the Sensex pack, Nestle, Tata Consultancy Services, IndusInd Bank, Asian Paints, Bharti Airtel, Tech Mahindra, UltraTech Cement, Kotak Mahindra Bank and Hindustan Unilever were among the major laggards. Tata Steel, JSW Steel, HCL Technologies, Axis Bank, Power Grid and Mahindra & Mahindra were among the gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower. European markets were trading mostly in the negative territory. The US markets ended on a mixed note on Friday. Global oil benchmark Brent crude declined 0.39 per cent to $90.54 a barrel.
"Persistent geopolitical tensions continue to weigh down the sentiment on equity, yet the mid and smallcap index witnessed bargain hunting ahead of festival-driven demand and optimistic Q2 results. If oil price moves higher in a sustained manner, it may elevate yields and operation cost, potentially straining margins in H2 FY24," said Vinod Nair, Head of Research at Geojit Financial Services.
Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 317.01 crore, according to exchange data. The BSE benchmark had dropped 125.65 points or 0.19 per cent to settle at 66,282.74 on Friday. The broader Nifty of NSE fell by 42.95 points or 0.22 per cent to 19,751.05.
