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Indian market drops for seventh straight session on crude and yields
The Nifty ended at 24,078, its lowest level since late July, while technology stocks rose 0.7% to be the only sector in the green.
LiveMint Markets reported that India’s stock market fell for a seventh consecutive session on Wednesday, extending the benchmark indices into their longest losing streak in 11 months as elevated crude oil prices and rising global bond yields weighed on sentiment.
The Nifty ended 0.3% lower at 24,078, its lowest close since late July, while the S&P BSE Sensex fell 0.4% to 76,909. Broader gauges also declined, with the Nifty Midcap 100 down 0.2% and the Nifty Smallcap 100 down 0.5%.
Sector performance was broadly negative, with chemicals, media, cement, and FMCG among the leaders on the downside. Auto, oil and gas, and financials also posted losses, while technology was the only gainers group, rising 0.7% and ending a three-day losing streak.
The selloff came as Brent crude moved to a three-week high around $92 a barrel after Donald Trump said on Tuesday that no talks were underway with Iran and that the Strait of Hormuz remained open. LiveMint Markets also tied the market pressure to higher bond yields, as investors demand higher premiums amid large fiscal deficits and persistently sticky inflation concerns.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|Sensex 78,079.96 ▲0.1%