Sensex, Nifty Fall for 3rd Day: Crude Above $110, Rupee at 94.81
Sensex drops 460 points to 73,249 and Nifty ends at 22,687 as crude stays above $110. Midcaps and smallcaps fall more, rupee weakens to 94.81. Key levels to watch.
Key Highlights
- Third straight fall: Sensex lost 460.30 points to 73,249.39; Nifty fell 123.70 points to 22,687.65.
- Broader market hit harder: Nifty MidCap 100 slipped 0.87% and SmallCap 100 dropped 1.17%.
- Sector drag: IT, FMCG and media stocks weighed most, while pharma ended higher.
- Rupee weakens: The rupee fell around 30 paise to 94.81 per dollar as crude stayed above $110.
- Key level: 22,600 is crucial support; resistance is at 22,800 and 23,000.
Indian stock markets ended lower for the third consecutive session on Thursday, with rising crude oil prices keeping investors nervous. The Sensex fell 460.30 points, or 0.62 per cent, to close at 73,249.39, while the Nifty declined 123.70 points, or 0.54 per cent, to settle at 22,687.65.
Why Crude Is the Big Worry
India imports most of its crude oil, so higher prices increase costs across the economy, from fuel and transport to manufacturing. With crude staying above $110 per barrel, experts said investors are worried about rising inflation, which could also affect future interest rate expectations.
Small Stocks Fell More
The pain was sharper in the broader market. The Nifty MidCap 100 fell 0.87 per cent and the Nifty SmallCap 100 dropped 1.17 per cent, more than the main indices. This matches what analysts had flagged earlier in the day: mid and small caps look expensive after strong liquidity-driven gains, while large caps appear more reasonably valued.
