Mumbai, October 14 (TNA) Indian equity markets ended lower on Wednesday, snapping the previous session’s strong rally as elevated crude oil prices, foreign investor outflows and caution ahead of key US inflation data weighed on investor sentiment.
The BSE Sensex declined 251.89 points, or 0.34%, to close at 72,781.89. The index moved between an intraday high of 73,195.26 and a low of 72,578.75 during the session. The NSE Nifty 50 fell 99.25 points, or 0.44%, to settle at 22,622.70, ending below the 22,650 mark. The benchmark had closed at 22,721.95 on Tuesday after gaining 1.60% in the previous session.
IT stocks offer support
Information technology stocks remained among the better performers, with the Nifty IT index rising 1.14% after advancing more than 5% on Tuesday. Infosys and Tech Mahindra were among the prominent gainers, while Nestle India, Tata Consumer Products and Coal India also advanced.
Oil and gas stocks gained around 1.04%, while energy, media and FMCG stocks also closed higher, providing some support to the broader market. However, selling pressure in financial, automobile, metal and healthcare shares limited the recovery.
Crude prices weigh
Market sentiment remained under pressure as Brent crude traded above $106 a barrel amid geopolitical tensions and concerns over global supply disruptions. Higher crude prices raise concerns over inflation and India’s import bill, particularly because the country depends heavily on imports to meet its energy requirements.
Foreign portfolio investors continued to remain net sellers, adding to the pressure on domestic equities. Investors also adopted a cautious approach ahead of the release of key US inflation data, which could influence expectations around global interest rates.
The market closed in volatile trade as investors weighed gains in IT and consumer stocks against pressure from financial and cyclical sectors.
Closing figures
• Sensex: 72,781.89, down 251.89 points or 0.34%.
• Nifty 50: 22,622.70, down 99.25 points or 0.44%.
• Nifty IT: Up 1.14%.
• Key pressure points: Crude oil prices, foreign outflows and weak financial stocks.