Mumbai, April 28: The Indian stock market opened lower on Tuesday, continuing the trend of weakness amid rising crude oil prices. At 9:17 AM, the Sensex was down by 203 points or 0.25%, standing at 77,099, while the Nifty fell by 50 points or 0.24%, reaching 24,042.
Banking shares led the sell-off in early trading, with the Nifty Bank index declining by over half a percent. Additionally, sectors such as Financial Services, Nifty Pharma, Nifty Services, and Nifty Healthcare were also in the red. Conversely, Nifty Energy, Nifty India Defense, Nifty Commodities, Nifty Media, Nifty Metal, Nifty PSU, Nifty Oil and Gas, Nifty Infra, and Nifty Auto showed positive movement.
However, midcap and small-cap stocks were experiencing gains. The Nifty Midcap 100 index rose by 157 points or 0.26%, reaching 60,405, while the Nifty Smallcap gained 103 points, standing at 18,004.
In the Sensex pack, gainers included Kotak Mahindra Bank, Tata Steel, Adani Ports, BEL, M&M, L&T, Tech Mahindra, Bajaj Finance, TCS, Maruti Suzuki, Titan, ITC, NTPC, Asian Paints, ICICI Bank, Power Grid, and Sun Pharma. On the losing side were SBI, Eternal, UltraTech Cement, Indigo, Trend, Titan, Axis Bank, Infosys, Bajaj Finserv, HUL, ICICI Bank, and HDFC Bank.
Most Asian markets showed mixed trends. Tokyo, Shanghai, and Hong Kong were in the red, while Bangkok and Seoul were in the green. In the U.S., the stock market closed on Monday with the Dow Jones down by 0.13%, while the tech-heavy Nasdaq gained 0.20%.
The weakness in the market is attributed to the continuous rise in crude oil prices, which reached around $110 per barrel on Tuesday. Brent crude on Comex rose by 0.97% to $109 per barrel, while WTI crude increased by 1.05% to $97.38 per barrel.
Reports indicate that the rise in crude oil prices comes after the U.S. rejected Iran’s peace proposal. Iran had offered to open the Strait of Hormuz and was willing to negotiate its nuclear program after the lifting of U.S. maritime sanctions. However, the U.S. believes both issues should be resolved simultaneously to avoid weakening its position.
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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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