Mumbai: The effect of the rise in crude oil prices amid increasing tension in West Asia was visible on the opening of the domestic stock market on Monday. Both Sensex and Nifty opened with a decline in early trade. According to market experts, weak trend in global markets and continuous withdrawal of foreign capital also affected the attitude of investors.
BSE Sensex fell 226.60 points to 77,028.56 in early trade. Whereas NSE Nifty was seen trading at 24,053.55 points with a fall of 120.40 points.
Most pressure on these shares
Among the 30 companies included in the Sensex, shares of Infosys, Tata Steel, InterGlobe Aviation, Bajaj Finance, Tata Consultancy Services and Titan recorded the biggest decline during early trading.
However, some big stocks tried to control the market. HDFC Bank shares rose by more than two percent. Apart from this, shares of Kotak Mahindra Bank and Bharti Airtel were also seen trading in gains.
Weakness in Asian markets also
Along with the domestic market, pressure was also seen in Asian stock markets on Monday. South Korea's Kospi, Japan's Nikkei 225, China's SSE Composite and Hong Kong's Hang Seng were trading in decline.
Earlier on Friday, American stock markets also closed with a decline. These signals from global markets also affected the sentiments of Indian investors.
Crude oil price crosses 90 dollars
Rising tensions in West Asia have once again pushed crude oil prices higher. The future price of international oil standard Brent crude rose 2.33 percent to $ 90.19 per barrel.
The rise in crude oil is considered important for a big importing country like India, because it can increase import costs and risks to inflation. This is the reason why the sudden rise in oil prices also affects the sentiment of the stock market.
FII selling also puts pressure on the market
According to stock market data, foreign institutional investors (FIIs) made a net sale of shares worth Rs 5,039.80 crore in the Indian stock market on Friday. Withdrawal of foreign capital also increased pressure on the domestic market.
However, earlier on Friday, Sensex had closed with a gain of 330.92 points and Nifty with a gain of 84.80 points. Monday's early fall once again increased concerns in the market regarding global developments, crude oil and activities of foreign investors.
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