Dalal Street Declines Amid Rising Oil Prices and Cautious Investor Sentiment
Global cues weigh on Dalal Street as oil spike fuels investor worries
The Economic Times
Image: The Economic Times
India's major stock indices fell nearly 1% on Thursday, influenced by rising Brent oil prices surpassing $100 and a lack of strong market triggers. The Nifty and Sensex closed at 24,173.05 and 77,664, respectively, as profit booking and geopolitical uncertainties weighed on investor sentiment.
- 01Brent oil prices have surpassed $100, raising concerns among investors.
- 02NSE's Nifty fell by 205.05 points (0.8%) to close at 24,173.05.
- 03BSE's Sensex declined by 852.49 points (1.1%) to end at 77,664.
- 04Asian markets showed mixed results, with Japan and Hong Kong experiencing declines.
- 05India's Volatility Index (VIX) rose by 1.6%, indicating increased caution among traders.
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On Thursday, India's key stock indices experienced a decline of nearly 1%, influenced by rising Brent oil prices, which have surpassed $100. The Nifty index fell by 205.05 points (0.8%) to close at 24,173.05, while the Sensex dropped by 852.49 points (1.1%) to end at 77,664. Analysts noted that the market is likely to remain range-bound due to profit booking following a recent 10% rally and ongoing geopolitical tensions in West Asia. Other Asian markets reflected similar trends, with Japan down 0.8%, China down 0.3%, and Hong Kong falling 1%. The Indian Volatility Index (VIX) also rose by 1.6%, indicating increased caution among traders as they await strong market triggers.
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The rise in oil prices could lead to increased costs for consumers and businesses in India, potentially impacting inflation and economic growth.
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