23 July,2026 11:55 AM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
The domestic benchmark indices traded lower on Thursday as surging crude prices continued to dampen investor sentiment, amid the escalating tensions in West Asia.
The Sensex had dipped 299.73 points or 0.39, to 76,455.32 in the early trade. The Nifty had slipped 86.30 points or 0.36 per cent at 23,946.15 in the initial trade.
Both the indices had declined at the opening with the Sensex losing 239.95 points to 76,515.10, and the Nifty had shed 91.45 points to 23,904.80.
On Wednesday, the 30-share BSE Sensex plummeted 715.06 points, or 0.92 per cent, to settle at 76,755.05. The 50-share NSE Nifty too declined 191.45 points, or 0.79 per cent, to end at 23,996.25.
Among the Sensex pack, Eternal, Trent, Mahindra and Mahindra, UltraTech Cements were the winners in the early trade. Infosys, Bajaj Finance, HDFC Bank, State Bank of India, NTPC were the laggards during the early deals. Infosys stocks were trading 1.62 per cent lower, while HDFC Bank shares extended their fall for the fourth consecutive day, trading at 0.96 per cent lower today during the morning trade.
The lower valuation in some of the premium stocks would make it attractive for long-term investors, according to analysts.
"Banking stocks appear attractively valued, particularly in the context of high credit growth and very low NPAs. Q1 results of consumer- facing digital companies reflect robust growth, indicating bright prospects," VK Vijayakumar, Chief Investment Strategist, Geojit Investments said.
On Wednesday, fast moving consumer goods (FMCG) major Nestle India, the maker of Maggi, Kitkat among others, reported a 48.26 per cent jump in its net profit for Q1FY27.
According to news agency PTI, Brent crude, the global oil benchmark, quoted 2.27 per cent higher at USD 96.20 per barrel.
"The Houthi's aggressive entry into the Iran-US conflict by attacking Saudi Arabian tankers in the Red Sea is aggravating the West Asia crisis and pushing Brent crude higher. When Brent crude trades above USD 95, which is the price now, it is bound to have sentimental impact on the Indian market. India's vulnerability to high oil price is once again becoming a macro concern," Vijayakumar said.
In Asian markets, South Korea's KOSPI jumped 3.15 per cent, Japan's Nikkei 225 index and Hong Kong's Hang Seng index were also trading higher on Thursday, while Foreign Institutional Investors (FIIs) offloaded equities worth Rs 819.20 crore on Wednesday as per PTI.
"Asian markets, however, opened on a stronger footing this morning, led by gains in Japan's Nikkei 225 and South Korea's Kospi on renewed optimism in semiconductor stocks. Despite the positive regional cues, Brent crude remains the key monitor, climbing 3.4 per cent to USD 94.07 per barrel, its highest level in five weeks. Sustained strength in crude could keep inflation concerns elevated and weigh on India's macro outlook," Rajesh Palviya, Head of Research, Axis Direct said.
(With inputs from PTI)
