Mkts tank due to high crude price and rising US bond yield

Brent crude, the global oil benchmark, rose 0.17% to $91.02/bbl

PTI mumbai

Market benchmark indices ended lower on Tuesday, with the Sensex falling 493 points and the Nifty dropping to the 24,154.90 level, as elevated crude oil prices and fading hopes of a diplomatic breakthrough in West Asia weighed heavily on investor sentiment.

The 30-share BSE Sensex dropped 492.70 points, or 0.63%, to settle at 77,235.46, registering its third day of decline. During the fag-end of trade, it tanked 493.8 points, or 0.63%, to 77,234.36.  

The 50-share NSE Nifty declined for the sixth day, sliding 132.75 points, or 0.55%, to end at 24,154.90.  

From the Sensex pack, Asian Paints, Infosys, HCL Tech, Bharti Airtel, Tata Consultancy Services, and Hindustan Unilever ranked among the major laggards.  Axis Bank, Power Grid, Mahindra & Mahindra, and Bajaj Finance stood among the winners.  The BSE MidCap Select index declined 0.46%, while the SmallCap Select index rose 0.24%.Among sectoral indices, Focused IT tanked 1.84%, ITechnology Realty fell 1.28%, PSU Bank dropped 1.04%, Consumer Durables lost 0.81%, FMCG dipped 0.67%, Metal declined 0.47%, and Capital Goods slipped 0.47%.  MidSmall Private Banks Quality Tilt, MidSmall Private Banks, Hospitals and Healthcare emerged as winners.  

"Crude oil remained the primary drag on market sentiment, while rising US bond yields and weak global cues prolonged the risk-off trend in Indian equities. Investor anxiety increased as hopes for a Middle East resolution faded following the expiration of the temporary US-Iran ceasefire, heightening concerns about renewed inflation," Vinod Nair, Head of Research, Geojit Investments Ltd, stated.  

Elevated US yields further reduced the attractiveness of emerging markets, and IT stocks led losses amid fears that persistently high interest rates could dampen global technology spending, he added.