Mumbai, March 13: The Indian stock market experienced a decline for the third consecutive day on Friday. Both major indices, Sensex and Nifty, fell by nearly one percent.
By 11:40 AM, the Sensex was down 706 points, or 0.93 percent, at 75,334, while the Nifty dropped 240 points, or 1.02 percent, to 23,398.
The sectors contributing to this market pressure included metals, defense, auto, and PSU banks, with indices in these sectors showing declines of over 2 percent.
The ongoing drop in the market is attributed to a surge in crude oil prices, which have once again approached $100 per barrel. Due to disruptions in the Strait of Hormuz, WTI crude is hovering around $95 per barrel, while Brent crude is around $100 per barrel.
Global market declines are also fueling negative sentiment in Indian markets. Major Asian markets, including Seoul, Tokyo, Shanghai, Hong Kong, and Jakarta, opened in the red, and U.S. markets closed significantly lower on Thursday.
Foreign investor selling is another factor contributing to the decline in the Indian stock market. According to exchange data, foreign institutional investors (FIIs) sold shares worth ₹7,049.87 crore on Thursday. So far in March, FIIs have sold over ₹39,000 crore worth of shares.
Additionally, the increasing pressure on the rupee against the dollar is impacting the market. In Friday’s trading, the rupee rose by 0.23 paise to reach 92.60 against the dollar, marking the lowest level for the rupee against the U.S. currency to date.
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