Sensex Falls 134 Points And Nifty Slips Below 22,600 As Rising Crude Oil Prices And West Asia Tensions Weigh On Investors
Mumbai: Indian stock markets opened on a weak note on Monday, October 26, as elevated crude oil prices and ongoing geopolitical tensions in West Asia weighed on investor sentiment. Selling pressure in IT stocks further dragged down the benchmark indices. The BSE Sensex opened at 72,990.04, falling 133.79 points or 0.18 per cent. The NSE Nifty 50 started trading at 22,524.40, declining 75.60…
Mumbai witnessed a weak opening of Indian stock markets on Monday, October 26, as investors grappled with rising crude oil prices and geopolitical tensions in West Asia. The BSE Sensex and NSE Nifty 50 both started trading lower, falling 133.79 points and 75.60 points respectively.
Crude oil prices played a significant role in the market's downward trajectory, with Brent crude trading at USD 114.19 per barrel amid fears of energy supply disruptions in the region. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, warned that high crude prices could hinder any substantial recovery in the stock market. He recommended investors to concentrate on fundamentally strong companies offering attractive valuations rather than chasing short-term index movements.
The IT sector bore the brunt of the market decline, with the Nifty IT index slipping 2.39 percent and the Nifty Realty index dropping 0.92 percent. Other sectors such as Auto, FMCG, and PSU banking also experienced selling pressure. However, media, pharmaceutical, and private banking stocks managed to hold their ground amidst the overall market volatility.
Among the gainers on the opening day were Kotak Mahindra Bank, Dr Reddy's Laboratories, Max Healthcare, Sun Pharma, and Axis Bank. On the flip side, Shriram Finance, Infosys, HCL Technologies, Tech Mahindra, Bajaj Finance, and NTPC were among the major losers.
Asian markets exhibited mixed trends on Monday, with Japan's Nikkei declining 0.61 percent and South Korea's KOSPI falling 1.40 percent. Conversely, Hong Kong's Hang Seng index gained 0.46 percent. Gold prices rose by 0.29 percent to ₹1,42,431 per 10 grams, while silver saw a 0.67 percent increase to ₹1,97,028 per kg.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
