Indian Equity Market Opens Lower as Crude Oil Prices Rise Again
The Indian equity market opened lower on Tuesday due to elevated crude oil prices and selling in IT and auto shares.
Nifty 50 fell by 36.05 points or 0.15 per cent to 23,743.10, while Sensex dropped over 150 points or 0.21 per cent to 75,970.28.
The Nifty IT and Nifty Auto indices were the top losers, plunging up to around 1 per cent in early trade. Nifty Oil & Gas declined by 0.48 per cent, followed by Nifty Private Bank which fell by 0.39 per cent. On the other hand, Nifty Metal rose by 0.45 per cent.
Market experts said that the market is experiencing its fifth week of a slow but steady downtrend due to elevated crude prices, selling in IT stocks, fears of a possible US Federal Reserve rate hike this month, and liquidity being absorbed by a booming IPO market.