Markets fall for seventh straight session; banks, metals drag as crude weighs on sentiment
Investor sentiment remained fragile as persistent geopolitical tensions, higher oil prices and currency weakness intensified pressure on domestic equities.
Markets in India continued their seventh consecutive session of losses on Wednesday, December 14, 2023, as heightened crude oil prices, a weakening rupee, and surging global bond yields continued to dampen investor confidence. The Sensex fell 332.04 points, or 0.43 per cent, to trade at 76,903.42, while the Nifty 50 declined 100.85 points, or 0.42 per cent, to 24,054.05.
Technical indicators show broad-based deterioration, with the index now below its 20-, 40-, 100-, and 200-day EMAs. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that risk appetite in the market has significantly weakened, with sustained selling pressure over the past 12 trading sessions attributed to the sharp surge in crude oil prices due to the ongoing geopolitical situation in West Asia.
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