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Indian stocks slip as Middle East shipping uncertainty weighs on sentiment
The Nifty 50 closed down 0.32% and the Sensex fell 0.59%, while Brent and WTI crude futures climbed as traders reassessed Strait of Hormuz risks.
India’s stock market ended lower on August 7, with the Nifty 50 falling 0.32% to close at 24,557 and the Sensex dropping 0.59% to settle at 78,491. LiveMint Markets attributed the lackluster session to renewed uncertainty around Middle East shipping through the Strait of Hormuz and weakness in financial stocks.
Financial sector pressure intensified after concerns tied to a Reserve Bank of India draft proposal on revolving credit products for non-bank lenders. The article also notes stock-specific action during the Q1 earnings season and profit booking after a recent rally contributed to range-bound trading.
Sector performance was mixed, with heavy selling in Nifty Financial Services, Consumer Durables, Chemicals, and Realty, while auto, IT, and metal shares finished in the green. It cited uncertainty about whether shipping will be fully restored through the Strait of Hormuz, even as Iran and Oman moved closer to an agreement on managing traffic there.
Commodity markets reflected the risk backdrop, with Brent crude futures for October up 1.3% to $83.55 a barrel and WTI for September gaining 1.1% to $78.17. Among individual movers, Jyoti CNC Automation fell 10% to ₹784 after investors reacted negatively to its June-quarter earnings, while Bajaj Finance and Bajaj Finserv declined 5.8% and 3.7%, respectively.
Latest closeWTI crude $78.07 ▲3.8%|Brent $83.46 |Sensex 78,581.00 ▲0.2%