News · newindianexpress.com

Festive cheer eludes Street amid oil shock

Indian equities fell in all four sessions of the week despite the festive season, which is usually a period of strong buying. The BSE Sensex settled at 73,123.83, down 0.17%, while the NSE Nifty 50 closed at 22,600, down 0.39%, and the Nifty Midcap 100 and Smallcap 100 fell 2.21% and 2.94%. Market capitalisation of BSE-listed firms dropped from Rs 473.46 lakh crore to Rs 452.40 lakh crore, mainly attributed to Brent crude near $116 per barrel, a six-month high, amid West Asia tensions. High crude prices pose risks of imported inflation, weaker corporate margins, currency pressure and foreign fund outflows. The Nifty and Sensex are down about 14% this year, and a continued decline through December would mark the first negative calendar-year return in 10 years.

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oil pricesIndiacapital flowsinflation

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