Indian Markets Waver Amid Fuel Price Hike and Global Economic Jitters
Indian equity markets began Friday in the red due to a national fuel price hike and rising global crude rates impacting investor sentiment. The BSE SENSEX fell 64.22 points, while the NSE NIFTY 50 remained nearly stable. Positive cues were offset by mixed global signals and sectoral performance variations.
On Friday, Indian equity markets opened with losses as a nationwide increase in fuel prices and rising global crude oil rates affected investor sentiment. The BSE SENSEX dropped 64.22 points, or 0.09%, to 75,334.50 in early trading, while the NSE NIFTY 50 showed minimal movement with a slight negative bias.
A cautious bullish sentiment prevails, but challenges lie ahead at 23,790 and 24,000. Immediate support rests at 23,500, with risks of falling to 23,300 if breached, according to Rajesh Palviya, Head of Research at Axis Direct. The recent fuel price hike across India contributes significantly to this slight market downturn.
Regional fuel price surges were observed, notably in major metros, with metrics revealing an escalation. Sectoral performance displayed a mixed pattern, as the Nifty IT index led gains while Nifty PSU Bank and other key indices faced declines. Global markets showed mixed cues with modest U.S. stock gains and Asia opening in negative territory this morning.
(With inputs from agencies.)
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