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Mumbai, 28 April. Indian stocks started with weakness on Tuesday amid the continuous rise in crude oil. At 9:17 am, the Sensex was at 77,099, down 203 points or 0.25 per cent, and the Nifty was at 24,042, down 50 points or 0.24 per cent. The selling in early trade was led by banking shares. Nifty Bank was down by more than half a percent. Besides, Financial Services, Nifty Pharma, Nifty Services and Nifty Healthcare were in the red.

On the other hand, Nifty Energy, Nifty India Defence, Nifty Commodities, Nifty Media, Nifty Metal, Nifty PSE, Nifty Oil & Gas, Nifty Infra and Nifty Auto were in the green. However, midcap and smallcap were trading briskly. The Nifty Midcap 100 index was up 157 points or 0.26 per cent at 60,405 and the Nifty Smallcap was at 103 points or 18,004.

Kotak Mahindra Bank, Tata Steel, Adani Ports, BEL, M&M, L&T, Tech Mahindra, Bajaj Finance, TCS, Maruti Suzuki, Titan, ITC, NTPC, Asian Paints, ICICI Bank, Power Grid and Sun Pharma were the gainers in the Sensex pack. SBI, Eternal, UltraTech Cement, Indigo, Trend, Titan, Axis Bank, Infosys, Bajaj Finserv, HUL, ICICI Bank and HDFC Bank were the losers.

There was mixed trading in most Asian markets. Tokyo, Shanghai and Hong Kong were in the red. However, Bangkok and Seoul were in the green. On Monday, the US stock market closed with a weakness of 0.13 percent, while the main index Dow Jones closed with a strength of 0.20 percent.

The weakness in the market is being attributed to the continuous rise in crude oil, which reached around $110 per barrel on Tuesday. On Comex, the price of Brent crude has increased by 0.97 percent to $ 109 per barrel and the price of WTI crude has increased by 1.05 percent to $ 97.38 per barrel.

According to reports, the rise in crude oil is being seen at a time when America has rejected Iran’s peace proposal. In the proposal given to America, Iran was ready to open the Strait of Hormuz and was ready to negotiate on the nuclear program after the lifting of the American maritime blockade, but America believes that the solution to both the issues should be found simultaneously, otherwise its position will be weakened.