Commodities● Neutral
Nifty Slips Below 24,200 as Crude Tops $91, FIIs Sell ₹2,535 Cr
Sixth straight session of decline. Nifty 50 down 1.7% over the stretch. Brent crude above $91 after US-Iran ceasefire expires. FIIs pulled ₹2,535 crore. Next support at 24,000.
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India's benchmark Nifty 50 closed Tuesday at 24,154.90, down 132.75 points or 0.55%, breaching the 24,200 support that had held for most of the past week. The Sensex settled at 77,235.46, shedding about 0.6%. It was the index's sixth straight losing session, the worst such run in recent weeks, with the Nifty declining 1.7% over the stretch.
Crude oil prices, detailed in our crude oil profile, crossed $91 a barrel after the expiry of a temporary US-Iran ceasefire. Iran hardened its stance and Washington ruled out an extension, pushing Brent to its highest in months. “Investor anxiety increased as hopes for a West Asia resolution faded following the expiration of the temporary US-Iran ceasefire, heightening concerns about renewed inflation,” said Vinod Nair, Head of Research at Geojit Investments.
Foreign institutional investors pulled money out at the heaviest pace in three weeks. They sold equities worth ₹2,535 crore on Monday alone. The US 10-year Treasury yield held around 4.73%, making dollar assets more attractive relative to emerging markets. Dr. V.K. Vijayakumar of Geojit noted that the spike in US bond yields was “slightly negative for the rupee” as FIIs shift money toward risk-free US returns. The rupee weakened 0.15% to about ₹95.68-95.7 to the dollar; the Reserve Bank of India intervened to limit further depreciation.