Indian benchmark indices came under heavy selling pressure on Wednesday as Brent crude oil prices crossed the USD 100-a-barrel mark, intensifying concerns over inflation and economic growth. The Nifty 50 also touched a three-month low during the session.
The Nifty 50 fell 203.60 points, or 0.86 per cent, to close at 23,431.50, while the BSE Sensex declined 813.35 points, or 1.08 per cent, to settle at 74,764.23.
Brent crude surged 2.72 per cent and crossed USD 100 per barrel, raising worries about the impact of higher energy costs on inflation and the broader Indian economy. The rise in crude also weighed on investor sentiment.
Most sectoral indices on the NSE ended lower, with Nifty IT bearing the biggest brunt, falling 3.38 per cent. Nifty Realty declined 1.88 per cent, while FMCG, Pharma, Media, Private Bank and Auto indices dropped 0.88 per cent, 0.83 per cent, 0.94 per cent, 0.72 per cent and 0.45 per cent, respectively.
Nifty Metal bucked the broader trend, gaining 1.67 per cent to emerge as the only major sectoral gainer.
Among Nifty 50 stocks, Adani Enterprises, Max Health, Adani Ports and Coal India were among the prominent gainers. Infosys, HCL Tech, Tech Mahindra, HDFC Life and Wipro featured among the major losers.
Safe-haven demand remained firm, with 24-carat gold rising 0.33 per cent to Rs 1,53,080 per 10 grams, while silver gained 0.22 per cent to Rs 2,39,884 per kg.
Asian markets were mixed but largely lower. Taiwan’s Weighted Index gained 0.16 per cent to 47,183 and South Korea’s KOSPI advanced 1.38 per cent to 7,051. Japan’s Nikkei 225 slipped 0.15 per cent to 65,170, Singapore’s Straits Times declined 0.66 per cent to 5,729 and Hong Kong’s Hang Seng fell 0.33 per cent to 25,234.
