Mumbai: Market benchmark indices ended lower for the third straight day Wednesday, with the Sensex tumbling 813.35 points and the Nifty dropping below 23,450, as escalating tensions in West Asia drove crude oil to over USD 100 per barrel.
Selling in IT stocks and fresh foreign fund outflows also dented investors’ sentiment.
The 30-share BSE Sensex tanked 813.35 points, or 1.08 per cent, to settle at the day’s low of 74,764.23.
The 50-share NSE Nifty declined 203.60 points, or 0.86 per cent, to end at 23,431.50.
Among the 30 Sensex firms, HCL Tech dropped the most by 4.55 per cent. Infosys, Tech Mahindra, Tata Consultancy Services, HDFC Bank and Hindustan Unilever were also among the major laggards.
Adani Ports, Tata Steel, Trent and NTPC were among the winners.
Brent crude, the global oil benchmark, jumped 2.67 per cent to USD 100.5 per barrel.
“Indian equity markets extended their decline for a third consecutive session, with benchmark indices ending firmly lower as persistent selling pressure and a broad risk-off mood kept sentiment subdued. Elevated crude oil prices, lingering geopolitical tensions and a sharp rise in market volatility continued to weigh on investor confidence, reinforcing the market’s prevailing bearish undertone,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
India VIX climbed more than 6 per cent, reflecting increased hedging activity and growing caution over the near-term outlook, he added.
In Asian markets, South Korea’s Kospi and Shanghai’s SSE Composite index ended higher, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng index settled lower.
Markets in Europe were trading lower. US markets ended in negative territory Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 123.19 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex dropped 555.23 points, or 0.73 per cent, to settle at 75,577.58. The Nifty declined 144.05 points, or 0.61 per cent, to end at 23,635.10.
