Equities downbeat as oil prices rise after Iran strike on US troops
Updated:5 years, 9 months ago
New Delhi, Jan 08 (ANI): Equity benchmark indices recovered from intraday lows but ended with marginal losses on Wednesday as investors feared a wider conflict in the Middle East after Iran fired missiles at US forces in Iraq overnight. The BSE S&P Sensex closed 52 points lower at 40,817 while the Nifty 50 slipped by 28 points at 12,025. Except for Nifty FMCG and IT, all sectoral indices at the National Stock Exchange were in the red. Among stocks, Eicher Motors closed 4.3 per cent lower at Rs 19,900 per share while Coal India slipped by 2.5 per cent, Larsen & Toubro by 2.2 per cent and Indian Oil Corporation by 1.9 per cent. India imports around 85 per cent of its crude oil requirement. Hence any rise in prices can lead to higher inflation and disturb the country's fiscal deficit.
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