Oil above $100 spooks Indian markets; Nifty dips, Sensex slides
Oil above $100 spooks Indian markets; Nifty dips, Sensex slides
Oil breaches $100 as Indian indices slip; traders brace for range-bound moves ahead of earnings season.
Mumbai stocks softened on Thursday as Brent crude crossed the $100 mark again, lifting cautious sentiment across Asian peers. The Nifty 50 closed at 24,173.05, down 205.05 points or 0.8%, while the Sensex ended at 77,664, down 852.49 points or 1.1%. The volatility index rose 1.6% to 18.6, marking a sharp year-to-date rise of over 102%.
Analysts said the market is likely to remain range-bound in the near term until clearer triggers emerge, with a watchful eye on earnings and macro cues. Markets had been pressed lower by persistent crude prices above $100 and ongoing West Asia tensions, which have yet to crystallize into a resolution.
Profit booking in heavyweight names weighed on sentiment, even as some unwinding in leaders ahead of earnings provided a counterbalance. Reliance Industries is set to report its Q4 results on Friday, adding another layer of focus for traders. In addition, broad weakness in global peers kept risk appetite in check.
Beyond India, Asian markets traded mostly lower: Japan fell about 0.8%, China slipped 0.3%, Hong Kong shed 1%, and Taiwan dropped 0.4%, while Europe’s Stoxx 600 was down around 0.5% in early trade. Analysts noted that, in the absence of strong catalysts, the Nifty could consolidate in a band roughly between 23,700 and 24,500.
Overall, traders remain cautious but vigilant, awaiting earnings, policy cues, and any developments on the regional tensions that could tilt the risk outlook.
