Sensex, Nifty hit two month-low | Top stocks in focus
India Today
NSE Nifty 50 index was down 0.45 per cent or 72.95 at 16,167.10 at the close, while the S&P BSE Sensex fell 0.51 per cent or 276.46 points to 54,088.39.
The Sensex and Nifty on Wednesday fell to their lowest in two months, extending losses for a fourth straight session as oil prices rose, while investors kept an eye out for US inflation data for cues on the Federal Reserve's rate hike plans.
The NSE Nifty 50 index was down 0.45 per cent or 72.95 at 16,167.10 at the close, while the S&P BSE Sensex fell 0.51 per cent or 276.46 points to 54,088.39. The indexes fell as much as 1.5 per cent in the session to their lowest since March 9, according to a Reuters report.
The Nifty's smallcap index extended losses to an eighth straight session, closing down 2.9 per cent.
Oil rose on Wednesday over supply concerns as the European Union worked on gaining support for a ban on Russian oil and major producers warned they may struggle to fill the gap when demand improves.
India is the world's third-largest importer and consumer of oil, and a rise in crude prices tends to push the country's trade and current account deficit higher.
"Rise in oil prices is one of the reasons (for fall in equities) given India's vulnerability, but I mostly think it is in anticipation of inflation print that is going to come for US and India," Yesha Shah, head of equity research at Samco Securities, said, Reuters reported.
Reliance Industries, Bajaj Finance and Bajaj Finserv led losses on the Nifty 50, falling between 1 per cent and 2 per cent. Shree Cement was the top percentage loser on the Nifty 50, declining 4 per cent.
