Sensex, Nifty fall as IT stocks slide, rising oil prices weigh
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Indian equity benchmarks Sensex and Nifty fell on Wednesday as IT stocks slid and rising oil prices weighed on sentiment.
- ✓The Sensex fell 352.6 points to close at 73,246.
- ✓Lokesh Manik said, "This is a positioning-led fall, not an earnings one." Buying in auto stocks helped recover some intraday losses.
Story at a Glance
- Category
- MARKET
- Reported By
- The Economic Times
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
Synopsis
Indian equity markets took a hit on Wednesday, primarily due to declines in the IT sector and escalating crude oil prices. Both the Sensex and Nifty closed lower, showcasing investors' cautious mood amidst significant intraday drops. Key downturns were influenced by Reliance Industries along with various IT stocks, but the auto sector and select banking stocks sparked some buying activities that alleviated part of the losses.
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Mumbai: Indian equity benchmarks ended lower on Wednesday as selling in information technology stocks, rising crude oil prices and caution ahead of the US Federal Reserve's policy decision weighed on sentiment. However, buying in auto and select banking stocks helped the indices recover much of their intraday losses.
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The Economic Times
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