Mumbai, Apr 27 (BNP): Indian benchmark indices closed lower on Tuesday, pressured by a sharp rise in global crude oil prices and renewed geopolitical tensions in West Asia.
Investor sentiment remained cautious throughout the session amid uncertainty over developments involving the United States and Iran, which kept global energy markets volatile.
At the close, the Sensex declined 416.72 points (0.54%) to 76,886.91, while the Nifty fell 97 points (0.40%) to 23,995.70.
Broader Markets Show Relative Strength
Despite weakness in frontline indices, broader markets outperformed. The MidCap index rose 0.28%, while the SmallCap index gained 0.42%, indicating selective buying interest.
Sector Performance Mixed
Market action was uneven across sectors:
- Oil & Gas and Metal stocks gained on higher crude prices
- Banking stocks remained under pressure, with PSU Bank and Nifty Bank among top losers
On the Sensex, stocks like Adani Ports, ITC, Bharti Airtel, and Tech Mahindra ended in the green, while HCL Tech, Axis Bank, ICICI Bank, and Infosys were among the major laggards.
Oil Prices Drive Global Concern
Global crude oil prices surged nearly 3% to around $111 per barrel, driven by concerns over supply disruption and geopolitical uncertainty in West Asia, particularly around the Strait of Hormuz.
The rise in oil prices is seen as inflationary for import-dependent economies like India, adding pressure on equities and currency markets.
Rupee Weakens Against Dollar
The Indian rupee also came under pressure, trading near 94.54 per US dollar, impacted by rising crude prices and sustained foreign institutional investor (FII) outflows.
Outlook
Market experts expect volatility to persist in the near term, with global oil price movements and geopolitical developments likely to remain key drivers of investor sentiment.
