Mumbai’s stock market had a weak start on Tuesday, with crude oil prices hovering around $110 per barrel. At 9:17 am, Sensex was trading 203 points or 0.25 per cent lower at 77,099 and Nifty was trading 50 points or 0.24 per cent lower at 24,042. Banking stocks led the selling, with Nifty Bank falling more than 0.5 per cent. Financial services, pharma, services and healthcare sectors were also among the losers.
On the other hand, Energy, Defence, Commodities, Media, Metal, PSE, Oil & Gas, Infra and Auto sectors were seen in the green. Midcap and smallcap were bright, with Nifty Midcap 100 rising 157 points or 0.26 per cent to 60,405 and Nifty Smallcap rising 103 points to 18,004.
In the Sensex pack, Kotak Mahindra Bank, Tata Steel, Adani Ports, BEL, M&M, L&T, Tech Mahindra, Bajaj Finance, TCS, Maruti Suzuki, Titan, ITC, NTPC, Asian Paints, ICICI Bank, Power Grid and Sun Pharma were among the gainers. Whereas, SBI, Eternal, UltraTech Cement, Indigo, Axis Bank, Infosys, Bajaj Finserv, HUL, ICICI Bank and HDFC Bank were seen in loss.
There was a mixed trend in Asian markets. Tokyo, Shanghai and Hong Kong in red, Bangkok and Seoul in green. In the US, the Dow Jones fell 0.13 percent on Monday, while the Nasdaq rose 0.20 percent.
The reason for the rise in crude oil is being said to be America’s rejection of Iran’s peace proposal. Iran offered nuclear talks after opening the Strait of Hormuz and lifting the blockade, but America is adamant on resolving both the issues together. On Comex, Brent rose 0.97 percent to $ 109 and WTI rose 1.05 percent to $ 97.38 per barrel.
The rise in oil prices may increase pressure on the economy. Investors are keeping an eye on further momentum.
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