Sensex, Nifty off day’s low, crude prices & IT stocks selloff weigh sentiment
The broader market also weakened, with midcap and smallcap indices declining as selling pressure spread across most sectoral segments.
The Indian equity benchmarks, the BSE Sensex and Nifty 50, experienced a decline on Wednesday due to a sharp increase in crude oil prices and significant selling in IT stocks. The Sensex dropped 663 points, reaching an intraday low of 74,914.79, while the Nifty 50 fell more than 168 points to 23,466.65. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that Nifty has crucial support at 23,410-23,430 and resistance at 23,620-23,640.
A break below 23,410 could take the index towards 23,280-23,300, while a move above 23,640 could extend the rally towards 23,800. Brent crude oil prices rose by 1.6 percent to $99.5 per barrel, nearing the $100 mark and hitting seven-week highs due to heightened tensions in West Asia.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Sensex, Nifty tumble in early trade amid escalating tensions in West Asia, higher oil prices thehindubusinessline.com
