Indian stock market tumbles as oil surge and weak sentiment hit Nifty 50
Indian stock markets today faced a turbulent session on Thursday. Early gains quickly faded, leaving major indices in the red by the close. Investors now look ahead to Friday's PMI data for clearer economic signals.
Trading began on a positive note, but sentiment shifted as the day progressed. The Nifty 50 erased its initial rise, ending 0.8% lower at around 25,600. Meanwhile, the BSE Sensex dropped by over 600 points.
Rising energy costs added to the pressure, with Brent crude climbing nearly 4% to top $70.50 per barrel. Despite higher oil prices, energy stocks failed to gain traction, and Reliance Industries came under selling pressure.
The IT sector provided some relief, as Infosys and TCS traded higher on strong cues from US tech markets. This helped offset weakness in financial stocks. Attention now turns to whether the Nifty 50 can hold the key support level of 25,500. A drop below this mark could lead to further consolidation.
Institutional outlook remains optimistic, with Goldman Sachs forecasting the Nifty 50 to hit 29,000 by the end of 2026.
The market's next move hinges on Friday's PMI figures and whether the 25,500 support holds. While short-term volatility persists, long-term confidence from major investors suggests a bullish undercurrent. Traders will watch energy prices and global tech trends for further direction.
