Sensex Falls on Rising Oil Prices
India’s BSE Sensex fell about 1.2% to 72,690 at Wednesday’s open, following a nearly flat close in the previous session as rising crude oil prices and caution ahead of the US Federal Reserve’s interest-rate decision weighed on investor sentiment. IT stocks led the losses, with Infosys dropped 4.5%, while Tata Consultancy Services and HCL Tech each declined around 2.7%. Meanwhile, Jio Platforms made a strong market debut, opening 21.4% above its IPO price and becoming India’s second-largest listed company by market value, after its offering attracted approximately $77 billion in bids. Brent crude rose 1.4% to $115.40 a barrel following an attack on a Saudi refinery, raising concerns over India’s import bill, inflation and corporate margins. The rupee traded around 95.02 per US dollar, with traders reporting signs of Reserve Bank of India intervention to support the currency. Other notable decliners were Bharti Airtel (-2.2%), Reliance (-1.8%), and ICICI Bank (-1.7%).
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India’s BSE Sensex fell about 1.2% to 72,690 at Wednesday’s open, following a nearly flat close in the previous session as rising crude oil prices and caution ahead of the US Federal Reserve’s interest-rate decision weighed on investor sentiment. IT stocks led the losses, with Infosys dropped 4.5%, while Tata Consultancy Services and HCL Tech each declined around 2.7%. Meanwhile, Jio Platforms made a strong market debut, opening 21.4% above its IPO price and becoming India’s second-largest listed company by market value, after its offering attracted approximately $77 billion in bids.
Brent crude rose 1.4% to $115.40 a barrel following an attack on a Saudi refinery, raising concerns over India’s import bill, inflation and corporate margins. The rupee traded around 95.02 per US dollar, with traders reporting signs of Reserve Bank of India intervention to support the currency. Other notable decliners were Bharti Airtel (-2.2%), Reliance (-1.8%), and ICICI Bank (-1.7%).