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Indian benchmarks fall as Middle East tensions lift crude prices
Sensex fell 0.31% to 77,470.11 and Nifty 50 dropped 0.21% to 24,187.70, extending losses into a second straight session.
India's Sensex and Nifty 50 ended lower on Tuesday, 21 July, extending losses for a second consecutive session as escalating tensions in the Middle East and higher crude oil prices pressured sentiment. Sensex finished down 238 points, or 0.31%, at 77,470.11, while the Nifty 50 settled 51 points lower, or 0.21%, at 24,187.70, according to LiveMint Markets.
The report cited rising crude prices as the key driver, noting that tensions between the US and Iran and reports of a potential naval blockade involving Iran-backed Houthis and Saudi Arabia added to regional risk. Brent crude September traded near $90 per barrel when the Sensex closed.
While large caps underperformed, mid and small-cap shares outpaced the benchmarks, with the Nifty Midcap 100 up 0.30% and the Smallcap 100 rising 0.53%. The move also reflected expectations of healthy Q1 earnings in those segments, the outlet said.
LiveMint Markets also pointed to selling by foreign portfolio investors as a factor, saying FPIs resumed a selling spree amid a jump in crude oil prices and increased macroeconomic risk. It added that despite the benchmark declines, 33 Nifty 50 stocks ended higher, and highlighted Shriram Finance, Bajaj Finserv, and Eicher Motors among the top gainers, while HDFC Bank, Infosys, and State Bank of India were top laggards.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%|Sensex 77,185.43 ▲0.2%