Mumbai, April 23: The Indian stock market closed in the red for the second consecutive trading day, driven by rising crude oil prices, a weakening rupee, and ongoing geopolitical tensions in the Middle East. Major benchmarks, the BSE Sensex and NSE Nifty, recorded nearly a 1% decline.
At the close of trading, the BSE Sensex fell by 852.49 points, or 1.09%, settling at 77,664. Meanwhile, the NSE Nifty 50 dropped by 205.05 points, or 0.84%, to reach 24,173.05.
During the day, the Sensex opened at 77,983.66 but plummeted by over 823 points, hitting a low of 77,574.18. The Nifty opened at 24,202.35 and fell by 243 points, reaching a low of 24,134.80.
In just two sessions, the Sensex has lost approximately 1,600 points, or 2%, while the Nifty 50 has also seen a decline of nearly 2%.
Broader market indices also faced declines, contrasting with the previous session when they closed in positive territory despite market downturns. The Nifty Smallcap 100 Index fell by 0.67%, and the Nifty Midcap 100 Index decreased by 0.41%.
Sector-wise, all sectors, except Nifty Pharma (up 2.36%) and Nifty Media (up 0.90%), reported losses. The most significant declines were seen in Nifty Auto (down 2.35%), Nifty PSU Bank (down 2.19%), Nifty Realty (down 1.83%), Nifty Financial Services (down 1.38%), Nifty Private Bank (down 1.31%), and Nifty IT (down 1.22%).
Among the Nifty 50 stocks, Dr. Reddy’s Laboratories, Cipla, Adani Enterprises, Coal India, Apollo Hospital, Adani Ports, ONGC, and Nestlé India saw the most gains. In contrast, Trent, Shriram Finance, Tech Mahindra, Bajaj Finserv, Infosys, SBI Life, TMPV, and M&M experienced the most significant declines.
The ongoing blockade in the Hormuz Strait has kept crude oil prices high, making investors cautious and prompting a risk-averse attitude in global markets. The stalled U.S.-Iran negotiations have contributed to crude oil prices remaining above $100, further dampening market sentiment.
Additionally, the Indian rupee weakened for the fourth consecutive session, surpassing the 94 mark for the second time in a month.
Amid market concerns, Brent crude rose by 1.1%, nearing $103 per barrel, marking a fourth consecutive day of increases. This year, the benchmark has surged nearly 70%, primarily due to escalating conflicts in the Middle East.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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