MUMBAI, India, August 17 (ANI): Indian equity markets extended their losing streak for a fifth consecutive session Monday, with both benchmark indices closing lower as rising crude oil prices continued to weigh on investor sentiment.
The Nifty 50 index closed at 24,287.65, down 78.35 points, or 0.32%, while the BSE Sensex ended at 77,728.16, lower by 281.09 points, or 0.36%.
Vinod Nair, head of research at Geojit Investments, said, “Energy-led input cost pressures continue to influence near-term market sentiment. However, stronger-than-expected Q1FY27 earnings, driven by a combination of pricing actions and volume growth, are likely to support earnings upgrades in the coming quarters. While the benefit of low-cost inventory aided profitability during the quarter, its sustainability remains a key monitorable, as higher-cost replenishment could constrain margin expansion in Q2FY27.”
Sectoral indices on the NSE showed a mixed trend at the close. The Nifty IT index declined 1.84%, while the Nifty Pharma index fell 0.31% and the Nifty PSU Bank index declined 0.12%.
On the other hand, Nifty Auto gained 0.23%, Nifty Media rose 0.42%, Nifty Metal advanced 1.39%, while Nifty Private Bank gained 0.69%.
Among Nifty 50 stocks, Hindalco, Tata Steel, HDFC Life, ONGC, Axis Bank and L&T were among the top gainers. The top losers included HCLTech, Infosys, Sun Pharma, TCS and Nestle India.
Hariselvan Radhakrishnan, founder and CEO of HST Wealth, said the markets remained under pressure despite recovering from their intraday lows.
“Indian equity markets extended their losing streak for a fifth consecutive session on Monday as elevated crude oil prices continued to weigh on investor sentiment despite a recovery from intraday lows,” he said.
He said the broader market tone remained cautious, with crude oil prices continuing to be a key concern for Indian equities.
“While softer U.S. economic data has strengthened expectations of a less restrictive Federal Reserve, the continued strength in crude oil prices, driven by the unresolved Gulf conflict, remains a significant headwind for Indian equities,” Radhakrishnan said.
He added that India, as a major oil importer, remains particularly vulnerable to sustained increases in energy prices.
“As a major oil importer, India remains particularly vulnerable to sustained increases in energy prices, keeping investors cautious as the benchmark indices approach important technical levels,” he said.
Crude oil prices remained elevated, with Brent crude rising 1.01% to $89.42 per barrel at the time of filing this report.
Gold and silver prices also moved higher Monday. Gold prices rose 0.41% to 155,139 rupees per 10 grams for 24-karat gold, while silver prices gained 0.56% to 237,254 rupees per kilogram at the time of filing this report.
Meanwhile, other Asian markets mostly ended higher. Japan’s Nikkei 225 gained 0.72% to close at 69,211, while Singapore’s Straits Times rose 0.43% to 5,768. Hong Kong’s Hang Seng Index gained 1.37% to 25,465, while Taiwan’s weighted index advanced 0.10% to 45,857. (ANI)
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