Mumbai
Benchmark equity indices Sensex and Nifty closed in the red on Tuesday as investors turned cautious amid a sharp surge in crude oil prices and continued foreign fund outflows.
The 30-share BSE Sensex fell 416.72 points, or 0.54 per cent, to settle at 76,886.91 after slipping as much as 562.57 points during intraday trade. The NSE Nifty50 declined 97 points, or 0.40 per cent, to finish at 23,995.70.
Among Sensex stocks, Axis Bank, HCL Tech, InterGlobe Aviation, Maruti Suzuki, State Bank of India and ICICI Bank were the major losers. On the other hand, Reliance Industries, Bharti Airtel, Tech Mahindra and Sun Pharma ended with gains.
Brent crude, the global benchmark, rose nearly 3 per cent to USD 111.4 per barrel, adding to concerns over inflation and import costs.
Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth Rs 1,151.48 crore on Monday, according to exchange figures.
Market experts said unresolved tensions in the Middle East and continued disruption in the Strait of Hormuz kept sentiment weak. Rising oil prices above USD 110 a barrel, rupee depreciation beyond 94.5 against the dollar, and sustained foreign outflows were seen as key macroeconomic pressures.
Elsewhere in Asia, Japan’s Nikkei, Shanghai’s SSE Composite and Hong Kong’s Hang Seng ended lower, while South Korea’s Kospi closed higher. European markets were trading in positive territory, while US markets had ended largely flat on Monday.
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The decline came a day after markets had posted strong gains, with the Sensex rising 639.42 points and the Nifty advancing 194.75 points on Monday.
