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Nifty and Sensex fall sharply as crude oil lifts inflation fears
The Nifty 50 slid 1.6% and the Sensex fell 1.7%, their steepest single-day drops since 8 July, with financial shares pressured by concerns over insurance commission limits.
India’s benchmark indices logged their sharpest one-day declines in nearly 10 weeks, as rising crude oil prices fueled fresh inflation worries and weighed on investor sentiment, LiveMint Markets reported. The Nifty 50 fell 1.64% to close at 23,063.10, while the BSE Sensex dropped 1.67% to 73,580.54.
Financial stocks were among the biggest drags amid concerns about proposed limits on insurance distribution commissions, according to LiveMint Markets. Ahead of the closing auction session, which coincided with the weekly BSE derivatives expiry, the Nifty and Sensex were down 1.64% and 1.48%, respectively.
The report also said both benchmarks recorded their steepest single-day declines since 8 July. On the derivatives side, options data cited by LiveMint Markets pointed to a wider trading range for the Nifty between about 22,600 and 23,500, with an immediate range around 22,800 to 23,300.
In addition, National Stock Exchange of India shares gained 1.8% in their debut trading session, opening about 0.8% above the IPO issue price, LiveMint Markets added. Technical commentary in the story suggested weakness could extend if the Nifty stays below the 23,100 area.
Latest closeWTI crude $91.79 ▼3.0%|Sensex 74,858.99 ▲0.8%