Market Close: Nifty, Sensex End Lower Amid Boiling Oil & Sell-Offs; Auto Slumps

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Market Close: Nifty, Sensex End Lower Amid Boiling Oil & Sell-Offs; Auto Slumps

By Malvika Gurung -- Indian equity benchmark indices ended a choppy session lower, extending losses to the second consecutive session on Thursday, as crude oil prices soared to over 10-year peaks, nearing the $120/barrel mark, and FII selling.

The domestic market witnessed increased sellings in the second half of the session, and benchmark gauges Nifty 50 ended 0.65% lower and Sensex declined 366.2 points or 0.66% on Thursday.

Today’s session witnessed losses across banking and auto stocks, while metal, IT and oil & gas scrips extended support to the market. 

Fresh sanctions on Moscow by Washington, stoked fears of supply challenges and trade disruption from the Black sea region and raised concerns of Russian oil and gas exports to be targeted next.

Also, the OPEC+ meeting on Friday denied increasing the output to a substantial degree amid the supply slump due to the ongoing Ukraine crisis.

As a result, oil prices rallied, while many commodities, including aluminium, nickel, palm oil, coal and wheat, among others witnessed sharp gains in their prices. 

Vinod Nair from Geojit Financial Services states that the domestic market will closely follow the state election exit poll data, global market cues amid war, and upcoming central banks BoE and Fed policy meetings next week.

Broader market indices, Nifty Midcap dropped 0.4% and Nifty Smallcap gained 0.35%.

On the sectoral indices, Nifty IT gained the most, up 1.22%, followed by Nifty Metal , up 1.2%. Nifty Auto was the top laggard, tanking 2.28%, while Nifty Bank dropped 1.21%.

On the Nifty50 index, 36% of stocks ended in the green, led by ONGC (NS: ONGC ), UPL (NS: UPLL ), Power Grid Corp (NS: PGRD ), Wipro (NS: WIPR ) and Tech Mahindra (NS: TEML ), up 2.5-4.6%, while UltraTech Cement (NS: ULTC ), Asian Paints (NS: ASPN ), HDFC Life Insurance (NS: HDFL ), Shree Cements  (NS: SHCM ), and Eicher Motors (NS: EICH ) were the top losers, tanking 3.5-6.7%.

On the 30-scrip Sensex, 11 stocks ended in the green.

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