The Sensex fell 125.56 points to 73,123.83 on October 23, its fourth straight decline, as Brent crude rose to about 114 dollars a barrel, a five-month high.
The index loss looks modest, but the broader market took the heavier hit. The Nifty Midcap 100 fell 2.21% and the Smallcap 100 fell 2.94%, and metal and realty stocks were among the weakest.
Crude is the common thread. Kotak Neo links the rise to Houthi attacks on Saudi Arabia, and higher prices raise India’s import bill and inflation risks, which also weigh on the rupee.
The article expects choppy trading, with domestic and foreign institutional buying a possible support, and the Middle East remains the factor to watch.
ANI’s headline says all sectors closed in the red.
Business Standard’s headline says the volatility index, or VIX, rose 6%.
Brent crude December futures were at 114.29 dollars a barrel and WTI at 101.03 dollars around 3:37 pm, according to Kotak Neo.
Prices kept rising after a 4% jump in the previous session and reached a five-month high, according to the same report.
Kotak Neo links the rise to Houthi attacks on Saudi Arabia and the related supply concerns.
MCX gold December futures were at Rs 1,42,734 per 10 grams, down 0.40%, and silver December futures were at Rs 1,95,600 per kilogram, down 2%, according to Kotak Neo.
The report attributes the decline to rising crude prices and global uncertainty.
Foreign investor selling and Middle East tensions were also cited by the reports.
HPCL refinanced about Rs 50,000 crore of debt for its Rajasthan refinery, cutting borrowing costs by nearly 105 basis points, according to Kotak Neo.
The Jio Platforms IPO drew more than one crore applications, according to the same report.
On Thursday, October 22, the Sensex had closed at 73,249.39, down about 460 points, according to Business Standard.
BSE building, Mumbai (file image), Wikimedia Commons, CC BY 2.0