New Delhi: Indian equity markets ended in the red on Wednesday as rising crude oil prices, weak global cues and escalating tensions in West Asia weighed on investor sentiment. The benchmark indices witnessed selling pressure across major sectors, with auto and IT stocks among the biggest drags.
At the closing bell, the BSE Sensex declined 373.93 points or 0.49 per cent to settle at 76,570.35, while the NSE Nifty slipped 141.35 points or 0.59 per cent to close at 23,914.45.
Global Concerns Put Pressure on Dalal Street
The market decline came amid a bearish trend in global equities. Rising crude oil prices added to investor worries after developments in the West Asia region triggered concerns over supply disruptions.
Brent crude prices climbed nearly 1 per cent to around $95.4 per barrel, impacting market sentiment and raising concerns over inflationary pressure.
While the Energy and Oil & Gas sectors gained from higher crude prices, other major sectoral indices, including Auto, Information Technology and Media, ended lower.
Auto Stocks Lead Decline
Auto stocks witnessed heavy selling during the session, with several major companies facing sharp declines.
Eicher Motors, Wipro, Bajaj Auto, Asian Paints and Mahindra & Mahindra were among the key losers.
Eicher Motors shares fell around 5 per cent, while Bajaj Auto and other auto counters also witnessed significant pressure.
On the other hand, Coal India, Adani Ports, Bajaj Finserv, Adani Enterprises and Tata Motors Passenger Vehicles emerged among the top gainers.
Rupee Remains Stable Amid Market Volatility
Despite global uncertainties, the Indian rupee remained largely stable against the US dollar. The rupee closed nearly flat at 94.97 per dollar, compared with the previous close of 94.95.
Market analysts said RBI interventions and foreign currency inflows helped support the domestic currency despite a stronger dollar and higher crude prices.
Investors Eye US Economic Data
Experts believe upcoming US economic indicators, including employment and unemployment data, will play a crucial role in determining future currency movements and global market trends.
Analysts said rising bond yields, West Asia tensions and uncertainty over monetary policy continue to influence investor behaviour, keeping markets volatile.
The Indian stock market is expected to closely track global developments, crude oil movement and upcoming economic data in the coming sessions.