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Indian stocks slide as oil jumps and Strait of Hormuz uncertainty rises
The Sensex fell 0.49% to 78,154.25 and the Nifty 50 dropped 0.46% to 24,471.70, with crude rising more than 2% toward $90 a barrel.
Indian equities ended lower on Tuesday, August 11, with the Sensex down 388 points, or 0.49%, to 78,154.25 and the Nifty 50 slipping 112 points, or 0.46%, to 24,471.70. Rising oil prices and uncertainty about the reopening of the Strait of Hormuz, along with the status of potential US-Iran talks, weighed on sentiment, according to LiveMint Markets.
Crude oil jumped more than 2% to trade near $90 per barrel, reviving inflation concerns and leading investors to look ahead to interest rate implications. Vinod Nair, head of research at Geojit Investments Limited, said the rebound in oil shifted attention back to inflation risks, tempering enthusiasm even with a supportive earnings backdrop.
Geojit Investments also pointed to risk-off behavior hitting sectors most vulnerable to higher energy costs, while pharma and some IT stocks moved higher. Among gainers on the Nifty 50, Dr Reddy’s Laboratories, Eternal, TCS, Titan, and Infosys were listed as top performers.
On the downside, Tata Consumer, Max Healthcare Institute, Nestle India, UltraTech Cement, and Apollo Hospitals Enterprise were among the biggest drags. Nagaraj Shetti of HDFC Securities said a negative candle on the daily chart signaled lackluster movement over the past six sessions, with potential for another dip toward a key breakout area near 24,300 before a possible rebound.
Latest closeWTI crude $82.30 ▲5.3%|Sensex 78,499.17 ▼0.6%