Sensex and Nifty opened lower on Thursday, extending losses for a third consecutive session as the escalating Middle East conflict kept crude oil prices above $110 per barrel, fuelling inflation concerns in the world’s third-largest oil importer.
The benchmark Nifty 50 fell 0.54% to 22,687.75, while the BSE Sensex declined 0.5% to 73,343.3 at 9:15 am IST.
Market weakness was broad-based, with 15 of the 16 major sectoral indices trading lower. The broader small-cap and mid-cap indices fell 1.3% each.
Brent crude futures rose 1.6% to $110.60 per barrel after fresh attacks in Saudi Arabia by Yemen’s Houthi rebels prompted the United States to order some diplomats and their family members to leave its missions in the kingdom.
Stocks to watch
Eternal: The company reported quarterly revenue above estimates, although profit missed expectations amid higher spending on expanding its quick-commerce business Blinkit. It expects Blinkit to grow faster from the December quarter, banking on a more stable competitive environment.
Mahindra & Mahindra Financial Services: The company reported higher revenue and profit for the July-September quarter, supported by strong growth in disbursements.
Bharat Electronics: The defence electronics company said it received orders worth ₹1,011 crore since its previous disclosure on October 13.
Jio Platforms IPO in focus
Investors will also track developments around Jio Platforms’ initial public offering, which was fully subscribed within a couple of hours of opening on Wednesday. The ₹3.2 billion-dollar issue drew strong demand from institutional investors, making it India’s largest public offering.
Provisional data showed that foreign investors bought Indian shares worth ₹1,022 crore on Wednesday, marking their second session of net purchases in three sessions.
Meanwhile, the rupee is expected to open largely unchanged against the US dollar, with traders weighing inflows linked to the Jio Platforms IPO against the risks posed by elevated crude oil prices. The currency closed at 94.46 against the dollar on Wednesday, extending its winning streak to eight sessions.