Indian stock markets ended lower on Wednesday as renewed tensions in the Middle East increased concerns about global oil supplies and inflation. The Nifty 50 fell 0.59% to 23,914.45, while the Sensex declined 0.49% to 76,570.35.
The decline reflected broader weakness in global markets. Investors are particularly concerned about rising crude oil prices because India is one of the world’s largest crude oil importers. Higher oil prices could increase India’s import bill and place additional pressure on inflation.
Several sectors came under selling pressure, including automobiles and information technology. Some energy-related stocks, however, performed better as investors anticipated stronger earnings from higher energy prices.
The rupee remained relatively stable despite the external pressure, with the Reserve Bank of India intervening in the foreign-exchange market. The rupee closed around ₹94.97 against the US dollar, according to Reuters.
