India's Equities Slump as Brent Crude Nears $100, Defence Stocks Soar
India's benchmark equity indices suffered losses as Brent crude oil prices neared $100 per barrel, casting a shadow over the country's macroeconomic landscape. The Sensex plummeted by over 500 points to around 75,600, while the Nifty dipped below key support levels at 23,650. This downturn was largely driven by declines in banking, financial, and oil and gas stocks.
In stark contrast, defence stocks experienced a significant surge after the Defence Ministry approved procurement proposals worth over ₹1.1 lakh crore. Data Patterns, BEL, HAL, and Paras Defence were among the key beneficiaries of this development.
The primary market also saw increased activity with twelve IPOs lined up for the week, alongside the listing pipeline of Arcil and other niche offerings. Additionally, copper and cable stocks witnessed significant price movements due to record commodity prices, while NBFCs expanded their strategies in gold financing amid price volatility.