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Nifty falls 141.35 points as Brent nears $97
The Hindu BusinessLine··3 Sept
Indian equities fell for a third session on Wednesday as West Asia tensions lifted crude prices. The Nifty 50 closed at 23,914.45, down 141.35 points or 0.59 percent. The Sensex fell 373.93 points to 76,570.35. Brent crude climbed to around $97 a barrel, up nearly 9 percent on the week. India VIX rose more than 5 percent to 11.59.
Prism
What It Means For You
- Higher oil prices raised inflation and global rate concerns among brokers quoted in the report.
- The rupee traded near 84.97 per dollar, gaining about 0.13 percent on reported RBI support.
- Japan's Credit Rating Agency upgraded India to A- from BBB+ in the same day's coverage.
What's Happening
- Nifty opened near 23,858 and touched an intraday low of 23,787 before a partial recovery.
- Bank Nifty fell 237.60 points to 57,172.
- Energy and oil-gas names gained while Eicher Motors, Wipro and Bajaj Auto lagged.
Market Cross-Currents
- Analysts cited Iran mining reports in the Strait of Hormuz and Ukrainian strikes on a Russian Baltic oil terminal.
- Domestic crude futures moved towards Rs 8,600.
- India and Uzbekistan raised ties to a Comprehensive Strategic Partnership with a $5-billion trade target by 2030.
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