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Indian stocks slip as Middle East tensions push Brent toward $100
The Nifty 50 opened down 0.6% and IT shares fell 3.5%, with Coforge dropping 7% after its chairman resigned following internal audit concerns.
Indian benchmark indices opened lower on Wednesday, September 9, as fresh escalation in the Middle East conflict pushed Brent crude toward the $100 per barrel level, adding pressure on India, the world’s third-largest crude oil importer, LiveMint Markets reported.
At 9:20 IST, the Nifty 50 was down 0.56% at 23,511.40 and the BSE Sensex fell 0.60% to 75,122.70. Ten of 16 major sectoral indices were in negative territory, with the IT index dropping 3.5% as Coforge slid 7%.
Coforge’s decline followed Chairman Om Prakash Bhatt’s resignation after concerns raised by an internal audit about the company’s board evaluation process, according to LiveMint Markets. Broader small-cap and mid-cap gauges also weakened, falling 0.3% and 0.5%, respectively.
The report also cited market positioning concerns, noting that FII net short positions in the Nifty 50 had risen to 2.5 lakh contracts as of Monday’s close. In the near term, analysts flagged rising crude oil prices and bond yields as additional headwinds, while ICICI Securities recommended Bharat Electronics Ltd futures, Glenmark Pharmaceuticals futures, and Max Healthcare Institute futures.
Latest closeWTI crude $94.28 ▲3.1%|Brent $99.39 ▲3.2%|Sensex 76,132.81 ▼0.5%