MUMBAI, India, October 14 (ANI) — Indian stock markets closed lower Wednesday as investors booked profits following the previous session’s sharp rebound, while rising crude oil prices amid geopolitical supply concerns and sustained foreign institutional investor (FII) selling weighed on market sentiment.
The Nifty 50 index closed at 22,622.70, down 99.25 points, or 0.44%, while the BSE Sensex settled at 72,781.89, declining 251.89 points, or 0.34%.
Vikram Kasat, chief business officer for advisory and dealing at PL Capital, said Indian equities were experiencing profit-taking after Tuesday’s sharp rebound.
“Rising crude prices amid geopolitical supply concerns and sustained FII selling are weighing on sentiment, raising concerns over imported inflation, rupee stability and corporate margins,” he said.
He added that earnings visibility, crude oil price movements and foreign fund flows would determine the market’s direction. He advised investors to prioritize fundamentally strong companies, maintain discipline and avoid chasing short-term rebounds.
Sectoral indices on the National Stock Exchange (NSE) showed a mixed trend. The Nifty Pharma index declined 1.47%, followed by Nifty Auto, which fell 0.94%. Nifty Realty lost 0.87%, Nifty Metal declined 0.67%, and Nifty Private Bank fell 0.34%.
Among the gainers, Nifty IT advanced 1.25%, while Nifty FMCG rose 0.94%. Nifty Media gained 0.59%, and Nifty PSU Bank edged up 0.14%.
Among Nifty 50 constituents, Nestle India, Infosys, Tata Consumer Products, Coal India, Tech Mahindra and TCS were among the top gainers. Shriram Finance, HDFC Life, Bajaj Finance, Bajaj Finserv, Dr. Reddy’s, SBI Life and Mahindra & Mahindra were among the major losers.
Meanwhile, the Indian rupee recovered for a fourth consecutive session Wednesday, reaching approximately 94.8 against the U.S. dollar and recovering nearly 2% since Friday, according to Rajeev Sharan, head of research at Brickwork Ratings.
“The RBI governor called the market’s pessimism about India overdone and pointed to heavy speculation in currency derivatives, promising to do whatever it takes,” Sharan said.
He noted that the rupee’s defense now depended on the Reserve Bank of India’s credibility and its foreign exchange reserves. However, he cautioned that the currency’s recovery would also depend on crude oil prices and foreign fund flows.
“With Brent near USD 106, the governor’s credibility is now the real rate to watch,” he said.
Brent crude prices were up 0.30% at $106 per barrel at the time of reporting, keeping concerns about imported inflation and corporate costs in focus.
In the commodities market, gold prices fell 0.42% to 147,825 rupees per 10 grams for 24-karat gold. Silver prices also declined 0.90% to 217,227 rupees per kilogram at the time of reporting.
Asian markets largely ended lower Wednesday. Taiwan’s Weighted Index was the exception, gaining 0.59% to close at 48,625. Japan’s Nikkei 225 declined 0.06% to 67,735, while Singapore’s Straits Times Index lost 0.13% to close at 5,423.
South Korea’s KOSPI fell 0.44% to 6,008, while Hong Kong’s Hang Seng Index declined 0.21% to close at 24,294. (ANI)
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