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Sensex and Nifty slide for a fourth day as crude tops $99
Thursday saw market capitalization of BSE-listed firms fall to below ₹477 lakh crore, while Brent September futures rose 4% to near $99 per barrel.
India's benchmark indexes, the Sensex and the Nifty 50, extended losses for a fourth consecutive session on Thursday, July 23, as investors reacted to spiking crude oil prices tied to the Middle East conflict. LiveMint Markets said the Sensex fell 364 points, or 0.47%, to close at 76,391.39, while the Nifty 50 ended down 127 points, or 0.53%, at 23,869.60.
Broader trading also weakened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices down 1% each. LiveMint Markets reported that investors lost more than ₹3 lakh crore in a day, pushing overall market capitalization of BSE-listed firms to below ₹477 lakh crore from about ₹480 lakh crore the prior session.
The outlet attributed the market pressure to a sustained rise in crude, which it said is raising concerns about strains on India's fiscal position, an inflation flare-up, tighter monetary conditions, and potential corporate earnings downgrades. Brent crude September futures, it added, rose for the fifth straight session, jumping 4% to trade near $99 per barrel as crude rallied after Iran-backed Houthis said they hit two Saudi oil tankers in the Red Sea.
LiveMint Markets also noted that the oil move has increased inflation pressure and weighed on the Indian rupee. Provisional figures cited by the outlet showed the rupee fell 4 paise to 96.57 per dollar on Thursday, and was down more than 2% against the dollar so far this month.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%|Sensex 76,731.06 ▼0.9%