Kolkata: Higher crude oil prices amid continuing conflict in the West Asian theatre dragged down the Indian stock market in the red in early trade on July
22. Around 9:25 AM, Sensex was at 77,117.57, down 0.46% and Nifty 50 was at 24,068.60 points down 0.49%. In the crude oil market fears of supply disruptions intensified after US forces said it began striking Iranian military targets for the 11 consecutive straight night and Kuwait suffered attacks by Iranian drones. Brent crude futures inched up 0.55% to reach $91.51 in early trade this morning while West Texas Intermediate crude climbed 0.36% to reach $84.64.
Prominent gainers and laggards
Around 9:35 AM, only four stocks were trading higher. These were TITAN (+0.48%), ASIANPAINT (+0.11%), MARUTI (+0.06%) and ETERNAL (+0.02%). The prominent laggards included ICICIBANK (-1.23%), SUNPHARMA (-1.29%), AXISBANK (-1.34%), SBIN (-1.49%) and INDIGO (-3.29%).
The market yesterday
The Indian equity market ended in the red for the second consecutive trading session on July 21. “The session was marked by volatile trading, as weakness in heavyweight private banks, volatile crude oil prices and ongoing geopolitical tensions overshadowed upbeat corporate earnings and resilience in the broader market,” said Rajesh Agarwal of AUM Capital. Among the different sectors FMCG, IT, Oil & Gas, PSU Bank were down by 0.3% to 0.8%. On July 21, the BSE Midcap and Smallcap indices ended up by 0.41% and respectively.
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