Noida, May 20 (APAC Media): Indian benchmark indices Sensex and Nifty ended higher on Wednesday after recovering sharply from early losses triggered by weak global cues, rising crude oil prices, and persistent foreign fund outflows.
The BSE Sensex opened nearly 600 points lower and slipped further during morning trade before staging a strong comeback in the second half of the session. The NSE Nifty 50 also fell below the 23,450 marks in early deals but later pared losses as investors returned to selective buying in heavyweight stocks.
Market participants said sentiment remained under pressure due to escalating geopolitical tensions in the Middle East, which pushed Brent crude prices to multi-month highs.
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Higher oil prices raised concerns over inflationary pressures and India’s widening import bill, prompting cautious trading across sectors.
The Indian rupee also weakened against the US dollar, adding to concerns over foreign investor sentiment.
Foreign institutional investors continued to remain net sellers in domestic equities, while volatility persisted across banking, energy, and metal counters.
However, easing bond yields and some moderation in crude prices during afternoon trade helped markets recover from intraday lows.
Analysts said bargain buying in frontline stocks supported the rebound and prevented a deeper correction.
Among individual stocks, Zee Entertainment Enterprises remained in focus after the company reported a consolidated quarterly loss, impacted by weaker advertising revenues and higher operational expenses.
Shares of BPCL, Hindalco, Apollo Hospitals, and Lenskart also attracted investor attention amid earnings announcements and company-specific developments.
Energy and oil marketing companies witnessed mixed movement as investors assessed the impact of rising crude prices on margins.
Metal stocks showed resilience despite concerns over slowing global demand, while selective financial stocks aided the broader market recovery.
Analysts expect markets to remain volatile in the near term amid uncertainty surrounding global interest rates, geopolitical developments, and currency fluctuations.
Investors are likely to monitor crude oil prices, foreign fund activity, and upcoming macroeconomic data for further direction.
However, the broader market sentiment remains cautiously optimistic on expectations of stable domestic economic growth and improving corporate earnings in the coming quarters.
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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