{"id":8291,"date":"2023-10-18T13:43:32","date_gmt":"2023-10-18T13:43:32","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8291"},"modified":"2023-10-18T13:43:32","modified_gmt":"2023-10-18T13:43:32","slug":"financials-lead-slide-in-indian-shares-oil-prices-us-rates-woes-weigh","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8291\/","title":{"rendered":"Financials lead slide in Indian shares; oil prices, US rates woes weigh"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Indian shares declined on Wednesday as Bajaj Finance led a slide in financials after disappointing results and due to nagging concerns about elevated oil prices and U.S. interest rates as well as the Middle East conflict.<\/p>\n

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The NSE Nifty 50 index closed 0.71% lower at 19,671.10, while the S&P BSE Sensex\u00a0fell 0.83% to 65,877.02.<\/p>\n

Bajaj Finance\u00a0shed 2.80% and was the top Nifty loser after the non-bank lender\u00a0posted\u00a0a smaller-than-expected rise in quarterly profit.<\/p>\n

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That weighed on all financials, with the broad banks and financial services\u00a0indexes dropping 1.17% and 1.28%, respectively.<\/div>\n<\/div>\n<\/div>\n

The risk of a widening conflict in the Middle East boosted crude oil prices, which tends to hurt net importers like India.<\/p>\n

Oil marketing companies Hindustan Petroleum Corp, IOCL and Bharat Petroleum Crop fell between 1.2% and 2%, dragging the energy index down 0.96%, on fears that high oil prices would hit marketing margins.<\/p>\n

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“The geopolitical concerns in the Middle East have led to near-term uncertainty across global markets,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

“Global factors like the Israel-Hamas conflict and rate concerns in the U.S” have fueled the volatility in Indian equities over the last few sessions, Khemka said.<\/p>\n

U.S. data showed consumer spending picked up in September, dashing hopes of respite any time soon from punishingly high interest rates.<\/p>\n

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That weighed on IT stocks, which fell 0.59%. The industry has been under pressure due to weak spending by U.S. and European clients. Wipro\u00a0fell nearly 1% ahead of its quarterly results after the bell.<\/div>\n<\/div>\n<\/div>\n

ICICI Prudential Life Insurance\u00a0fell 2.27% after its second-quarter margins contracted.<\/p>\n

Biocon\u00a0lost 6.38% after the U.S. drug regulator indicated action on the company’s insulin manufacturing facility in Malaysia.<\/p>\n

However, broadly pharma stocks\u00a0gained 0.78%.<\/p>\n

Jefferies noted improving market share for key drugs in the U.S. market and expectations of a pick-up in earnings, citing IQVIA\/industry sales data.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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