Stock Market Falls for 3rd Consecutive Day as Global Markets Waver

Mumbai: Indian benchmark equity indices Sensex and Nifty ended lower on Monday, marking their third straight day of losses due to weak global market trends and rising Brent crude oil prices, driven by Middle East geopolitical tensions.

The 30-share BSE Sensex closed down 0.17% at 66,166.93, falling 0.36% to 66,039.38 earlier in the day. Meanwhile, the Nifty decreased by 0.10% to 19,731.75.

Notable underperformers in the Sensex included Nestle, Tata Consultancy Services, IndusInd Bank, Asian Paints, Bharti Airtel, Tech Mahindra, UltraTech Cement, Kotak Mahindra Bank, and Hindustan Unilever. Gainers featured Tata Steel, JSW Steel, HCL Technologies, Axis Bank, Power Grid, and Mahindra & Mahindra.

Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong ended lower, while European markets generally traded in negative territory. The US markets had a mixed performance on Friday.

Brent crude oil, a global benchmark, dipped by 0.39% to USD 90.54 a barrel. Geopolitical tensions continued to weigh on equity sentiment, though mid and small-cap indices saw increased interest due to festival-driven demand and positive Q2 results. However, the sustainability of rising oil prices may strain margins in H2 FY24, affecting operational costs and yields.

Foreign Institutional Investors (FIIs) acted as buyers on Friday, acquiring equities valued at Rs 317.01 crore. In the previous trading session, the BSE benchmark closed down 0.19% at 66,282.74, and the broader Nifty of NSE dropped 0.22% to 19,751.05.