Markets End August on a Weak Note as Oil Shock Hits Sentiment
What Happened
Sensex fell 307.24 points (-0.40%) to close at 76,957.27, while Nifty 50 slipped 95.25 points (-0.39%) to 24,080.40. Markets remained under pressure amid escalating US-Iran tensions, which pushed Brent crude above $90 per barrel, raising concerns about inflation and India's import bill. IT, metal, realty and media stocks led declines, while auto and private banking shares offered some support. Broader markets were mixed, with midcaps relatively resilient and smallcaps weaker. The rupee strengthened, closing near its strongest level since early August despite global uncertainty.
Key Takeaways
Rising geopolitical risks and higher crude oil prices overshadowed positive domestic factors, dragging benchmark indices lower. Investors will now watch Q1 FY27 GDP data, foreign flows, oil prices and US rate expectations for clues on market direction in September.