Mumbai (Maharashtra) [India], October 1 (ANI): The benchmark indices closed decrease on Wednesday, with the Sensex declining 570.59 factors, or 0.79 per cent, whereas the Nifty 50 fell 198.50 factors, or 0.88 per cent, as elevated crude oil costs and considerations over international financial situations weighed on investor sentiment.
The Nifty 50 index closed at 22,421.95, down by 198.50 factors or 0.88 per cent, whereas the BSE Sensex closed at 71,909.70, declining 570.59 factors or 0.79 per cent.
The market sell-off was largely pushed by exterior components, with bond yields reaching multi-year highs and crude oil costs remaining elevated, based on Vinod Nair, Head of Research, Geojit Investments Limited.
“Q2 earnings are expected to be softer than Q1, which benefited from the lagged impact of operating costs, which may not be as available this time,” Nair stated.
He added that traders have been additionally cautious forward of the second-quarter outcomes and the upcoming RBI coverage subsequent week.
“Nevertheless, it is important to note that India’s economy remains resilient and is well positioned to navigate these challenges,” Nair stated.
Among sectoral indices on the NSE, Nifty Auto was the largest laggard, falling greater than 3 per cent. Nifty Metal declined 2.35 per cent, whereas Nifty Media fell 2.33 per cent.
Nifty Consumer Durables declined 1.91 per cent, Nifty FMCG fell 1.61 per cent, and Nifty Realty dropped 1.46 per cent. Nifty Oil and Gas declined 1.32 per cent, whereas Nifty PSU Bank fell 0.98 per cent.
Crude oil costs remained a key concern for traders. Brent crude costs surged 2.59 per cent to USD 100 per barrel on the time of reporting, holding crude costs elevated.
Gold costs additionally gained 0.57 per cent to Rs 1,46,950 per 10 grams for twenty-four karat, whereas silver costs rose 0.35 per cent to Rs 2,24,523 per kg on the time of reporting.
Vinit Bolinjkar – Head of Research – Ventura stated, “September was a weak month total. The Nifty fell for seven straight weeks, pressured by risky crude oil costs, rising international bond yields, and regular FII promoting. Within this, Auto, Realty, Consumer Durables and Financial Services held up higher and even posted features on worth shopping for, whereas IT and Pharma dragged the index down as a consequence of weak international demand cues and currency-related considerations. Broader markets (mid and small caps) have been extra risky than giant caps throughout the month.’
Meanwhile, the opposite Asian markets ended largely greater. Japan’s Nikkei 225 surged greater than 3 per cent to shut at 68,955. Hong Kong’s Hang Seng gained 0.36 per cent to shut at 24,613, whereas Taiwan’s Weighted Index rose 0.85 per cent to shut at 48,353. South Korea’s KOSPI gained 1.91 per cent to shut at 6,971, whereas Singapore’s Straits Times declined 0.14 per cent to five,667. (ANI)