Now Reading: Sensex Gains 0.15%, Nifty Falls 0.16% on Crude Oil Jitters
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Sensex Gains 0.15%, Nifty Falls 0.16% on Crude Oil Jitters
Indian stock markets ended mixed on Thursday, with the Sensex rising 0.15% to 78,079.96 and the Nifty slipping 0.16% to 24,395.85, as elevated crude oil prices and geopolitical tensions over the Strait…
The Story in Brief
Indian stock markets ended mixed on Thursday, with the Sensex rising 0.15% to 78,079.96 and the Nifty slipping 0.16% to 24,395.85, as elevated crude oil prices and geopolitical tensions over the Strait of Hormuz kept investor sentiment cautious. Brent crude traded below $88 per barrel, easing from earlier highs above $89.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,002.50 crore on Wednesday, while domestic institutional investors bought Rs 5,841.66 crore on August 12, providing support. Sectoral performance was mixed, with realty and IT stocks gaining while metals and private banks declined. The rupee weakened to 95.44 against the dollar.
The Indian Opinion
The narrative of market panic over Strait of Hormuz tensions gets exaggerated. Thursday's flat close shows resilience, not panic. Brent crude slipping below $88 contradicts the 'skyrocketing oil' stories. Domestic institutional buying of Rs 5,841 crore offsets FII outflows. The real test will be if crude holds below $85 and US inflation data next week brings relief.
Sources (4): rediff.com, rediff.com (2), news.abplive.com, timesnownews.com
This story was synthesised by AI from the 4 sources linked above.
Updated: this story now draws on 4 sources.
