Indian Equity Markets Decline for Sixth Consecutive Session Amid Rising Crude Oil Prices
The Indian equity markets continued their downward trend for the sixth consecutive session on Tuesday. The S&P BSE Sensex closed down by 492.70 points or 0.63 per cent to 77,235.46 while the Nifty 50 index lost 132.75 points or 0.55 per cent to close at 24,154.90.
The decline in global markets and rising crude oil prices weighed heavily on the Indian equity market. Brent crude futures edged up 0.4 per cent to $91.26 a barrel as Iran indicated it could adopt a more aggressive posture while US President Donald Trump ruled out an extension to the ceasefire arrangement.
According to Siddhartha Khemka, head of research at Motilal Oswal Financial Services, 'Indian equities are likely to remain under pressure in the near term as elevated crude oil prices, US-Iran tensions and weak global cues weigh on sentiment.'