Indian Shares Fall on US Rate Concerns and Middle East Conflict

9 Oct 2023 , 03:46 PM

Indian shares decline on Monday due to U.S. rate concerns and surging oil prices from Middle East conflict. All major sectoral indexes, except IT, report losses; high weightage banks and oil & gas decline by 1% each.

In todays market, Sensex closed at Rs 65,512 which is a 0.73% dip than the previous day’s close. Whereas Nifty closed at Rs 19,512 which is a 0.72% slide than the previous close session.

Top Gainers in the market include Delta Corp (2.38%), Metropolis (2.04%), L&T Technology (1.98%), MCX India (1.93%)

Top Losers include GMR Airports (-6.25%), Adani Ports (-4.90%), L&T Finance (-4.76%), PNB (-4-43%).

Public sector banks, metals, and media stocks drop by over 2% each, while small- and mid-cap stocks lose over 1.5% each. Asian equities remain subdued after a high-interestand high-weightagefromstrong U.S. jobs report raises concerns about a prolonged high interest rate period.

Oil prices rise due to the Middle East conflict, impacting importers like India negatively. Investors cautioned against major risks amid the Israel-Hamas conflict, with potential disruptions to oil supplies if Iran gets involved.

Individual stock movements: Puravankara drops 4% post-income tax department search; Prestige Estates Projects gains 3% with a significant jump in quarterly sales.

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