Mumbai, August 31 (TNA) Indian equity benchmarks traded lower on Monday afternoon as rising crude oil prices and worries over a potential US rate hike dented investor sentiment. As of 1:00 PM IST, the Sensex was down 269.53 points, or 0.35%, at 76,994.98, while the Nifty50 slipped 115.25 points, or 0.48%, to 24,060.40. The Nifty50 and Sensex had pared some of their earlier losses as private bank shares advanced during the session.
Adani Enterprises, Adani Ports and Special Economic Zone, and Tata Steel were among the top losers on the Nifty50. Sector-wise, the Nifty Media index dropped over 4%, making it one of the day's weakest sectoral performers. Elsewhere, Waaree Energies shares declined 2.6% to hit a day's low of ₹2,572.50 on the NSE, as the company weighs a $37 million capital expenditure plan for a US facility while consolidating its domestic operations.
HDFC Bank's share price was testing its 100-month moving average, having lost 27% of its value since the start of the year-a notable milestone in the bank's three-decade listing history. The Reserve Bank of India stepped into the forex market to arrest depreciation of the rupee against the US dollar, amid ongoing volatility in global crude prices.
This follows a mixed week for Indian markets-the Sensex had closed 0.4% higher on Friday (Aug 28) at around 77,264, supported by strength in IT stocks (TCS, Infosys, Tech Mahindra, HCL Technologies all posting solid gains) as investors awaited signals from the US Federal Reserve on its September policy path. For the week ending Friday, the index had still logged a 0.4% decline overall.