Nifty slips for seventh day as crude surge, bond yield spike rattle markets
The Nifty 50 opened at 24,152.05, against its previous close of 24,154.90; the Sensex opened at 77,218.05 against its previous close of 77,235.46
Markets in India slipped for the seventh consecutive day on Wednesday as increasing crude oil prices and rising global bond yields rattled investor sentiment. The Nifty 50 opened at 24,152.05, down 0.17 percent from the previous close of 24,154.90. The Sensex started at 77,218.05, falling 0.14 percent from 77,235.46. IT stocks were among the gainers in early trade, with HCL Technologies up 1.51 percent to ₹1,317.60, Infosys gaining 1.46 percent to ₹1,131.30, Eternal rising 0.79 percent to ₹318.40, Wipro increasing 0.62 percent to ₹179.17, and Tech Mahindra up 0.59 percent at ₹1,601.40.
On the downside, Hindalco fell 1.31 percent to ₹1,028.00, Bajaj Finserv dropped 1.24 percent to ₹1,986.30, Tata Steel declined 1.18 percent to ₹183.31, and Bajaj Finance lost an equal 1.18 percent at ₹1,081.40. SBI Life Insurance also slipped 1.09 percent to ₹1,758.60. Analysts cited the rising crude prices anticipating ongoing uncertainty and the global bond yields appreciation as the main reasons for the market's subdued sentiment.
The 30-year U.S. Treasury yield touched its highest level since 2007 at 5.33 percent-5.34 percent, driven by widening fiscal deficits, inflation concerns, and heavy demand for debt-financed AI infrastructure. Bond yields also surged in Japan and Germany, contributing to the pressure on equities. Crude prices surged to $91 per barrel after the 60-day U.S.-Iran ceasefire expired without a new deal, with Iran adopting a more aggressive military stance.
Indian crude oil imports rose 41 percent year-on-year to $13.7 billion in July, with volumes increasing 13 percent to 21.4 million tonnes. Wall Street closed lower for the third consecutive day on Tuesday, with the Nasdaq falling 1.33 percent, the S&P 500 dropping 0.69 percent, and the Dow Jones slipping 0.22 percent. The semiconductor index declined around 5.5 percent, and Asian markets followed suit, with Japan's Nikkei 225 falling over 2 percent and South Korea's Kospi dropping more than 4 percent.
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