- Indian equity markets declined Wednesday afternoon, indices traded lower.
- Banking, finance, auto stocks led broad selling pressure.
- Market volatility increased; rupee weakened, crude oil rose.
Indian equity markets slipped into negative territory during Wednesday’s afternoon session as selling pressure in Banking and financial stocks weighed on the benchmark indices. The Nifty 50 declined 122 points, or 0.54 per cent, to trade below the 22,800 mark, while the Sensex fell 0.35% to 73,592. The Bank Nifty also remained under pressure, declining 1.10 per cent.
HDFC Bank, Bajaj Finance and Axis Bank collectively contributed nearly 59 points to the Nifty 50’s decline. Selling pressure was widespread across sectors, with all sectoral indices trading in the red except Nifty IT.
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The Nifty Auto index emerged as the biggest laggard, falling over 2 per cent. Meanwhile, market volatility increased during Wednesday’s trading session, with India VIX moving up by over 8 per cent above the 16-mark for the first time in over four-months. The weakness in benchmark indices coincided with pressure on the Indian rupee and elevated crude oil prices.
The rupee weakened against the US dollar, with the USD/INR pair briefly crossing the Rs 95 mark during Intraday trade. Adding to market concerns, Brent crude oil prices climbed above USD 110 per barrel, raising worries over India’s import costs and inflation outlook.
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