Sensex sheds 691 points, Nifty falls below 22,600 on rising crude prices, FPI concerns
IT stocks led the decline as Brent crude topped $115 a barrel and traders awaited the US Federal Reserve decision.
- On Wednesday, Indian equity markets opened sharply lower, with the BSE Sensex falling nearly 700 points and the NSE Nifty slipping below 22,600 amid rising crude oil prices and persistent foreign portfolio investor selling.
- Rising crude oil prices and caution ahead of the Federal Reserve's policy decision weighed on sentiment. Brent crude firmed to above $115, which Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, called detrimental to the Indian economy.
- Sectoral indices fell, led by the Nifty IT index declining 3.77 per cent, with Infosys, Tech Mahindra, and HCL Technologies losing ground. The Nifty Auto index bucked the trend, rising 0.17 per cent, while Larsen & Toubro gained 5.73 per cent.
- Market focus turns to Jio Platforms' stock market debut at an issue price of Rs 1,119 per share. Hemang Gor, Senior Research Analyst at Axis Direct, identified 22,500 as critical immediate support for the Nifty, warning a break could prompt further declines.
- Investors are tracking geopolitical risks, including reports of possible renewed U.S. strikes on Iran. Vijayakumar noted changes in long-term capital gains tax appear increasingly likely, given the scale of foreign outflows from the domestic market.
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Devdiscourse
Sensex sheds 691 points, Nifty falls below 22,600 on rising crude prices, FPI concerns
Indian equity markets opened sharply lower on Wednesday, with the Sensex falling nearly 700 points and the Nifty slipping below 22,600, as rising crude oil prices and persistent foreign portfolio investor (FPI) selling weighed on sentiment, according to market experts.
Share Market News Today: Indian stock markets got off to a weak start on Wednesday. The Sensex fell more than 750 points in early trade to around 72,841, while the Nifty slipped below 22,600. IT stocks saw heavy selling.
Stock Markets | Domestic stock markets opened with heavy losses today (Wednesday). Despite positive signs in international markets, domestic indices are losing ground. The Sensex fell by more than 700 points in early trading. At 10.20 am, the Sensex was trading at 72,665, down 933 points.
bhaskarlive.in
Indian Abroad News - We Bring You HomeNifty, Sensex post sharp losses amid high crude prices
Digital Desk | Mumbai, Oct 28 (IANS) The Indian equity markets posted sharp losses early on Wednesday as elevated crude prices and the upcoming US Fed’s policy decision kept investors cautious. As of 9.23 am, Sensex declined 684 points, or 0.93 per cent, to reach 72,914 and Nifty lost 167 points, or 0.74 per cent, to reach 22,581. Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 declined 0.39 per ce…
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