Indian Stock Market Declines Amid Rising Crude Oil Prices
The Indian stock market experienced a decline in early trade on August 12, as investors' sentiment was weighed down by rising crude oil prices. The benchmark equity indices Sensex and Nifty dipped significantly, with Sensex dropping 35.99 points to 78,097.31 and Nifty skidding 31.15 points to 24,444.55.
The BSE benchmark dropped further, trading 211.37 points down at 77,953.66, while the Nifty traded 65.10 points lower at 24,411.15. Among Sensex pack stocks, Bharti Airtel, Mahindra & Mahindra, UltraTech Cement, Adani Ports, Titan, and Bajaj Finance were among the major laggards.
On the other hand, State Bank of India, Tech Mahindra, Axis Bank, and Asian Paints were among the winners. The global oil benchmark Brent crude traded 1.24% higher at USD 90.01 per barrel.
The market's decline was attributed to several factors, including the strengthening Brent crude prices and the ongoing US-Iran skirmishes. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, stated that the principal factor restraining a rally is the strengthening Brent crude.