Crude shock and IT slump keep Nifty in the red; Bank stocks limit the damage
Nifty 50 closed at 22,698.85, down 50.90 points or 0.22%, its second consecutive session of losses and Sensex settled at 73,246.03, down 352.64 points
Crude oil prices surged following an attack on a Saudi Arabian refinery, while information technology stocks experienced a broad sell-off, causing major Indian equity benchmarks to slip throughout Wednesday. The Nifty 50 closed 0.22% lower at 22,698.85, marking its second consecutive day of decline, while the Sensex fell 352.64 points.
Despite this, Bank Nifty rose 292.50 points to 54,267.40, forming a bullish candlestick pattern. The trading session was characterized by significant intraday fluctuations, with the Nifty opening at 22,678 and reaching a low of 22,497.70 within the first 75 minutes before recovering. Cash-market turnover on the NSE rose 8% from the previous session, driven by Jio Platforms' debut volumes of ₹24,265 crore.
IT and oil and gas sectors led the decline, each falling over 2%, while Nifty Midcap 100 and Nifty Smallcap 100 gained 0.43% and 0.9% respectively.
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