Indian Markets Slide for Fourth Consecutive Day Amid Crude Oil Fears
Indian stock markets declined for a fourth consecutive day due to rising crude oil prices and an IT sector sell-off. The Sensex, India's main equity benchmark, dropped 417 points or 0.55% to close at 76,152.86. The Nifty, another key index, slipped 41 points or 0.17% to settle at 23,873.45.
The IT sector was particularly affected, with major players such as HCL Technologies and Tata Consultancy Services experiencing losses. However, banking and realty stocks showed resilience and attracted investor interest. Vinod Nair, Head of Research at Geojit Investments Ltd, noted that 'stubbornly high crude oil prices continue to act as key overhangs for the domestic market.'
The Brent crude price rose 1.57% to USD 97.13 per barrel, contributing to the market's decline. Foreign Institutional Investors (FIIs) bought equities worth Rs 6,688.37 crore on Wednesday, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 2,812.98 crore.