India's Nifty 50 closes at 5-month low on elevated oil prices, bond yields

According to Business Recorder, Indian equities slipped on Tuesday as the benchmark Nifty 50 finished 1.19 per cent weaker at 23,118.6, its weakest finish in five months. The BSE Sensex lost 1.04 per cent to end at 74,003.82. Gains in information technology shares and HDFC Bank cushioned the decline, although fifteen of the 16 major sectors ended lower and small and mid caps dropped more sharply.

Investors cited worries over elevated crude prices and rising global bond yields ahead of this week's Federal Reserve meeting, where a rate hike is expected because of inflationary pressures. Brent futures climbed 2 per cent to $107.8 a barrel as Middle East tensions deepened, and Yemeni officials said Iran-aligned Houthis launched a new wave of attacks on Saudi Arabia. The 10-year US Treasury yield reached a near two-decade high, adding to strain for borrowers and global investors.

IT stocks gained 2.2 per cent after calls for a slowdown in AI development, with Tata Consultancy Services up 2.3 per cent and Infosys 3.8 per cent. Auto stocks dropped 2 per cent and heavyweight financials fell 1.8 per cent. HDFC Bank added 1.2 per cent after forwarding two candidates for its chief executive role to the central bank.