CHENNAI: Indian equity markets closed marginally lower on Wednesday (June 18), with the Sensex declining by 138.64 points (0.17%) to 81,444.66 and the Nifty 50 falling 41.35 points (0.17%) to 24,812.05. This marks the second consecutive day of losses for the benchmarks amid a volatile trading session.
The market opened today on a cautious note, influenced by escalating geopolitical tensions in the Middle East, particularly between Israel and Iran. These developments led to a surge in global oil prices, which in turn exerted pressure on the Indian rupee and dampened investor sentiment.
Despite early losses, the indices managed to recover some ground during the session, supported by gains in banking stocks. However, sectors such as Information Technology (IT) and Metals weighed on the indices, leading to the marginal declines at the close.
On the broader market front, Nifty Midcap 100 closed lower by 0.46%, and Nifty Smallcap 100 ended the session down by 0.23%.
Sectoral Performance
While the IT sector faced selling pressure, contributing to the day's losses, banking stocks provided support to the indices, with some banks showing resilience amid the broader market weakness. The consumer durables sector stood out as a relative outperformer, with certain stocks in this segment showing positive movement.
Global Influences
The ongoing geopolitical tensions in the Middle East have been a significant factor influencing global markets, including India. The rise in oil prices due to these tensions has implications for inflation and trade balances, affecting investor confidence.