Tue, Jan 7, 2025 10:11 AM
Sensex jumps 450 pts, Nifty above 23,700 as energy, PSU bank stocks rally
A Flip by Shubhangi Gupta
Crude oil prices edged up on January 8 amid supply concerns from Russia and OPEC members. Brent crude showed an up move of 32 cents, or 0.42 per cent and touched $77.37 per barrel. Similarly, US West Texas Intermediate (WTI) increased by 42 cents or 0.57 per cent and reached $74.67. Increase in the US jobs openings indicating the expansion of economic activity leading to a growth in oil demand.
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Shares of Indian electronics manufacturing firms Dixon Technologies, Kaynes Technology, and Amber Enterprises plummeted, led by an 8% decline in Dixon Technologies, biggest in 10 weeks, following a 2% drop in the Nasdaq Composite index due to concerns over stubborn inflation and interest rate cuts. Aside from that, shares of Kaynes Technology and Amber Enterprises fell around 4 percent each.
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📌 Benchmark indices Sensex and Nifty declined sharply on January 8 due to investor caution ahead of the December quarter earnings season, persistent foreign fund outflows, and weak global market trends, with the📌 Sensex down 550.98 points or 0.70 percent at 77,648.13, and the📌 Nifty down 158.50 points or 0.67 percent at 23,549.40.
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