Indian Stock Markets Decline Amid Volatile Crude Prices
Stock markets in India declined on Friday, August 7, after two days of gains. The Sensex and Nifty indices fell due to weak performance by bank and financial stocks, as well as high crude oil prices.
The BSE Sensex dropped 455.59 points, or 0.58%, to settle at 78,499.17. The 50-share NSE Nifty dipped 65.35 points, or 0.27%, to end at 24,570.65. Among the Sensex pack, Bajaj Finance and Bajaj Finserv were among the biggest losers, down 5.90% and 4.18% respectively.
ICICI Bank, Trent, Axis Bank, and Asian Paints also performed poorly. However, Tata Consultancy Services, Mahindra & Mahindra, State Bank of India, and Tech Mahindra were among the gainers.
Brent crude prices remained volatile, dipping 0.35% to $82.20 per barrel. Foreign Institutional Investors (FIIs) sold equities worth ₹17.86 crore on Thursday, August 6.