Sensex falls 353 points as Reliance, IT stocks and rising crude oil weigh

Indian benchmark indexes declined on Wednesday, with the Sensex losing 352.64 points as selling was witnessed in Reliance Industries and information technology stocks, while escalating crude oil prices and pessimism before the US Federal Reserve’s policy decision weighed on investor mood.

The 30-share BSE Sensex lost 0.48 per cent to 73,246.03 and the NSE Nifty declined 50.90 points, or 0.22 per cent, to end at 22,698.85.

Earlier in the day, the Sensex had plunged almost 995 points during the day before recovering substantially in late morning trade.

Reliance Industries was down by 3.46% and Infosys, Tech Mahindra and Tata Consultancy Services also closed in red. Rise in international crude prices raised concerns over inflation and India’s import bill.

Brent crude climbed almost 1 per cent to $114.50 per barrel as fears of disruption to supply resurfaced after the Houthi attacks on Saudi Arabia, PTI reported.

“Domestic equities continued to be volatile and traded lower as a fresh rise in crude oil prices and sharp sell-off in IT stocks dragged the market,” Vinod Nair, head of research at Geojit Investments, said.

But some bank and auto stocks offset the decline. Jio Platforms, which is owned by Reliance Industries, opened higher by nearly 27 per cent from its issue price.

Investors are now expecting the US Federal Reserve policy decision for cues on interest-rate trajectory.