A big fall was recorded in the Indian stock markets on Tuesday. Sensex fell 561 points to close at 77,054.94 and Nifty slipped 158 points to close at 24,052.05. The decline was caused by tensions in the Persian Gulf and a surge in crude oil prices.
Mumbai [महाराष्ट्र] (India), July 14 (ANI): Indian equity markets continued to fall in Tuesday’s trading session, with Sensex falling over 560 points and Nifty closing around 24,000 levels.
Rising tensions in the Persian Gulf and intensified attacks between the US and Iran weakened investor sentiment, pushing crude oil prices to a one-month high and widespread selling across almost all sectors. Sensex closed at 77,054.94, down 561.46 points or 0.72 per cent, similarly, Nifty closed in the red at 24,052.05, down 158.95 points or 0.66 per cent.
Market situation throughout the day
The Sensex touched an intraday low of 77,001.48 against its previous close of 77,616.40, while the Nifty slipped to as low as 24,023.70 during the day.
Sectoral Performance
Talking about sectors, Nifty Realty, PSU Bank, Auto, Financial Services were major losers with losses of over one per cent. Meanwhile, the pharma sector was trading in the green, rising over 1 per cent.
rising and falling stocks
On BSE, only a few stocks closed in the green – Bharti Airtel, Sun Pharma, TCS, Tata Steel, Adani Ports and Eternal. At the same time, HCL Tech, Bajaj Finserv, HDFC Bank, ICICI Bank, Reliance, Axis Bank, Asian Paint, Power Grid, BEL, LT, M&M etc. were the major losers.
condition of commodity market
In the commodity market, Brent crude was trading at $86.59 per barrel at the time of reporting, while crude oil was at $80.59 per barrel. Brent futures for September delivery were at $85.92 a barrel by 08:00 GMT – the highest level since June 15. On the other hand, gold prices fell to two-week lows earlier in the session as investors awaited key US inflation data. Spot gold rose 0.8 percent to $4,031.43 an ounce by 0611 GMT, while U.S. gold futures for August delivery rose 0.8 percent to $4,037.80. At the time of reporting the yellow metal was trading at $4,022.59.
expert opinion
Riyanj Arora, Associate Vice President – HNI & Derivatives, Hedged.in, said, “Indian equity markets closed today’s session with losses as profit-booking was seen across key sectors, leading to broader losses in benchmark indices. Despite the weakness, the overall market structure remains positive as long as key support levels hold.”
He further added, “Today’s decline seems to be driven by profit-booking after the recent rally. The broader trend remains positive as long as the benchmark indices remain above their immediate support levels. Traders can continue to adopt a ‘buy on dips’ approach while maintaining disciplined risk management and keeping a close eye on key support areas.”
Market analyst Vipin Diksena said, “Nifty is currently trading in a range-to-weak pattern, which means it is moving in a narrow range with a slight negative bias. The area of 24,025 is now an important near-term support. If Nifty manages to hold this area, it may try to stabilize and form a base for recovery. But if this level is broken decisively, then Selling pressure may increase. On the upside, 24,136 is the first major level to be crossed for bullishness.” (ANI)
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