Sensex, Nifty Decline as Crude Oil Prices Soar, Geopolitical Tensions Rise
Indian benchmark equity indices, Sensex and Nifty, took a hit on Wednesday due to rising crude oil prices and ongoing geopolitical tensions. The expiry of the temporary US-Iran ceasefire has renewed concerns over energy supply disruptions.
The combination of higher crude prices and appreciating global bond yields is driving a broad 'risk-off' sentiment across financial markets, according to Ponmudi R, CEO of Enrich Money.
Major laggards in the Sensex pack included Tata Steel, Larsen & Toubro, Bajaj Finance, and Mahindra & Mahindra. Foreign Institutional Investors (FIIs) remained net buyers, injecting Rs 1,651.53 crore into equities on Tuesday.