Sensex Slides 417 Points As Oil Jitters Bite, Rupee Stages Sharp Comeback
· Free Press Journal
Mumbai: Indian equity markets surrendered intraday gains to finish lower on Thursday as rising crude oil prices and volatile bond yields revived concerns over inflation and the possibility of interest rates remaining elevated.
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The Sensex dropped 417.49 points, or 0.55%, to settle at 76,152.86. The Nifty 50 declined 41 points, or 0.17%, to close at 23,873.45.
Nifty Faces Resistance at 24,000
Market experts said the psychological 24,000 mark remains a crucial resistance level for the Nifty.
“On the downside, the 23,800 zone remains the immediate and crucial support level,” an analyst stated.
Sensex, Nifty Start Higher As Global Markets Strengthen, US Bond Yields EaseA decisive fall below 23,800 could accelerate selling pressure and pull the benchmark towards 23,600, according to market experts.
Bajaj Auto, Tech Mahindra and Trent were among the biggest Nifty laggards.
The broader market, however, showed greater resilience. The Nifty MidCap index gained 0.37%, while Nifty SmallCap climbed 1.2%.
Sectorally, Nifty Realty was the biggest casualty, falling more than 2%. Media, private banking, PSU banking and banking indices also closed lower.
Rupee Finds Support
While equities struggled, the Indian rupee remained firm at Rs 94.48 against the US dollar.
The currency received support from improved dollar liquidity following FCNR deposit mobilisation of around $127 billion, providing additional buffers against sharp currency movements.
Rupee Roars To Two-Month High, Jumps 67 Paise As FCNR-B Inflows Surge“Rupee is expected to maintain a positive bias, with the range seen between 94.25–95.00,” an analyst noted.
Investor sentiment remained cautious as elevated crude oil prices threatened to increase inflationary pressure, while bond yield movements fuelled concerns over the interest-rate outlook.