Nifty falls 79.70 points to close at 23,398.10 amid oil and rate fears
Indian equity markets closed lower on Friday as sharp crude oil price hikes and global interest-rate concerns dampened investor sentiment.
The NSE Nifty 50 index declined by 79.70 points, closing at 23,398.10 on September 11. The BSE Sensex moved in the opposite direction, rising 120.83 points to close at 74,781.76. Market breadth remained positive during this session; out of 3,638 stocks traded on the NSE, 2,042 closed lower while 1,476 ended higher. The sell-off was driven primarily by a sharp rise in crude oil prices and growing concerns about a higher global interest-rate environment. These factors extended a recent corrective trend across the market.
Sectoral performance varied significantly. Nifty Metal and Nifty Realty, representing sectors like construction and metal production, saw declines of more than 2%. Nifty Metal specifically dropped by 0.65%. Conversely, Nifty Financial Services, Nifty Bank, and Nifty IT finished higher, gaining up to 0.5%. The India VIX also rose by 4% to settle at 12.27, indicating increased volatility. Among individual stocks, HDFC Bank, Dr Reddys, Hindalco, and JSW Steel were identified as top gainers and losers respectively on the Nifty and Sensex.
