Sensex, Nifty decline as oil prices rise

Sensex closed 527 points down at 55,102 while Nifty ended the day 108 points down at 16,498

Sensex closed 527 points down at 55,102 while Nifty ended the day 108 points down at 16,498

Stock benchmarks Sensex and Nifty gave up all early gains on Thursday to settle lower as rising oil prices amid the ongoing conflict between Russia and Ukraine hurt investor sentiment.

The 30-piece BSE Sensex started trading on a higher note, rising 527.72 points to a high of 55,996 in morning trades. However, during afternoon trade it gave up all of its early gains to close at 55,102, down 366.22 points or 0.66%.

Similarly, the broader NSE Nifty fell 107.90 points, or 0.65%, to close at 16,498.

“Domestic stock markets closed lower as the geopolitical scenario continues to deteriorate due to the Russia-Ukraine crisis. Rising crude oil prices due to supply disruptions due to Russian sanctions have further escalated the situation,” said Mitul Shah, Head of Research at Reliance Securities.

UltraTech Cement was the top performer in the Sensex package, falling over 6% followed by Asian Paints, Dr. Reddy’s Laboratories, Maruti Suzuki India, Hindustan Unilever Limited and ICICI Bank.

In contrast, PowerGrid, Wipro, Tech Mahindra, HCL Technologies Limited and ITC were among the prominent gainers.

International oil benchmark Brent rose 2.75% to $116.03 a barrel.

The Hong Kong and Tokyo stock exchanges ended up higher, while Shanghai was marginally lower.

The US stock market ended the overnight session in positive territory.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹4,338.94 crore of shares on a net basis, according to stock market data on Wednesday.

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