Sensex Falls to Over 1-Week Low
India’s BSE Sensex fell about 0.9% to 74,189 on Thursday, reversing the previous session’s gains and hitting its lowest level since September 15, as investors weighed rising crude oil prices, continued foreign selling, and financial sector regulatory changes. Crude oil prices climbed back above $100 a barrel, raising concerns over inflation and India’s import bill amid its dependence on oil imports. Financial stocks came under pressure after India’s insurance regulator proposed changes to commission rules, including caps based on product complexity and measures to spread life insurance commissions beyond the first year. Investors also focused on the market debut of the National Stock Exchange, India’s largest stock exchange, following a 225.6 billion rupees initial public offering that is expected to post a relatively modest 2%-3% gain on debut. Financials led the losses, with L&T Finance (-7.6%), Bajaj Finance (-4.7%), and Max Financial Services (-11.8%) among the notable laggards.
9% to 74,189 on Thursday, reversing the previous session’s gains and hitting its lowest level since September 15, as investors weighed rising crude oil prices, continued foreign selling, and financial sector regulatory changes. Crude oil prices climbed back above $100 a barrel, raising concerns over inflation and India’s import bill amid its dependence on oil imports. Financial stocks came under pressure after India’s insurance regulator proposed changes to commission rules, including caps based on product complexity and measures to spread life insurance commissions beyond the first year.
6 billion rupees initial public offering that is expected to post a relatively modest 2%-3% gain on debut. 8%) among the notable laggards.