Indian share markets ended lower on Wednesday, snapping their previous session’s gains as rising crude oil prices, foreign investor selling and caution ahead of US inflation data weighed on sentiment.
The BSE Sensex fell 251.89 points, or 0.34%, to close at 72,781.89. The NSE Nifty 50 declined 99.25 points, or 0.44%, to settle at 22,622.70.
The decline followed gains of around 1.6% in both benchmarks on Tuesday, prompting investors to book profits.
Information technology stocks limited the losses. The Nifty IT index rose 1.14%, with Infosys gaining 2.51%, Tech Mahindra advancing 2.20% and Tata Consultancy Services rising 1.54%.
The Nifty FMCG index also gained 1.21%. However, financial and automobile stocks faced selling pressure. Bajaj Finance fell 2.55%, while ICICI Bank declined 1.54%. The Nifty Auto index dropped 0.93%.
Brent crude traded at around $106.37 a barrel, according to figures cited in market reports. Concerns over potential supply disruptions following reported incidents involving vessels in the Strait of Hormuz added to uncertainty.
Higher oil prices pose a risk to India, which relies heavily on crude imports, as they can increase import costs and inflationary pressures.
Investors also awaited US inflation data for clues about the Federal Reserve’s interest-rate outlook. Continued foreign investor outflows added to market pressure.
Disclaimer:This content is based on media reports and market data available at the time of reporting and is for informational purposes only. Investors are advised to consult a qualified financial expert before making any investment decisions. VisionMP is not responsible for any loss arising from the use of this information.
