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Indian stocks slip as crude oil rise fuels inflation worries
The Nifty fell 0.15% to 24,435 and the Sensex dropped 0.34% to 77,889, pulling August returns into negative territory.
Indian equities stayed under pressure on August 12 as crude oil prices continued to rise for the sixth straight session, keeping investor sentiment fragile, according to LiveMint Markets. Weakness in financial stocks and a sharp selloff in technology stocks further weighed on the market, pushing monthly performance into negative territory.
LiveMint Markets reported that the Nifty ended down 0.15% at 24,435, while the Sensex fell 0.34% to 77,889. Sectoral indices showed IT, FMCG, consumer durables and auto among the biggest decliners, while PSU banks, media, metals and oil and gas finished higher.
The report tied the selloff to renewed inflation concerns, noting that India meets around 85% of its crude oil requirements through imports. It also said expectations for an immediate agreement to reopen the Strait of Hormuz have faded as the US and Iran continue to trade demands over reparations.
Among notable movers, LiveMint Markets said Godrej Consumer sank 11.2% to ₹910 after weaker-than-expected results in the June quarter. It also cited declines in other June-quarter result-linked names, including PI Industries, Jubilant Pharmova, RHI Magnesita India and AIA Engineering, while Redington fell 4.3% to ₹339 after profit booking.
Latest closeWTI crude $83.42 ▲1.6%|Sensex 78,542.44 ▲0.1%