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Indian stocks slip as Middle East tensions keep investors cautious
The Nifty ended 0.11% lower at 24,339 and the Sensex fell 0.19% to 77,876, while midcap and small-cap indices eked out gains.
Indian equities stayed subdued on August 17 as hopes for an end to the Middle East conflict remained elusive and crude oil prices stayed elevated, weighing on investor sentiment. LiveMint Markets said higher oil and continued selling by overseas investors extended last week’s losses across the headline indices.
The Nifty closed 0.11% lower at 24,339, while the Sensex slid 0.19% to 77,876. Broader participation improved slightly, with the Nifty Midcap 100 rising 0.05% and the Nifty Smallcap 100 up 0.38%.
Sector performance was mixed, with technology leading the declines at -1.75%. FMCG, consumer durables, pharma, PSU banks, and auto also fell, while realty and metal ended higher, rising 1.0% and 0.76%, respectively.
Brent crude futures edged closer to $90 per barrel as efforts to reopen the Strait of Hormuz collapsed amid continued deadlock between Iran and the US. LiveMint Markets noted the 60-day negotiating period to reach a peace deal was nearing its end without any clear extension, and company results contributed to individual stock moves, including a sharp drop for Schneider Electric after a June quarter net profit slump and declines across several tech-related names.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|Sensex 78,079.96 ▲0.1%