Nifty and Sensex hit 3 month lows as oil rises
India's stock markets had a rough Wednesday: both Sensex and Nifty dropped to their lowest levels in three months.
Nifty closed at 23,432 (down 204 points), and Sensex finished at 74,764 (down 813 points).
Rising oil prices (Brent crude crossed $100 a barrel) weighed heavily on the mood.
IT stocks took a big hit, especially Infosys and HCL Tech.
Foreign selling ₹582.99cr, domestic buying ₹1,509.04cr
Foreign investors ramped up their selling, pulling out ₹582.99 crore, much more than yesterday's ₹123.19 crore.
Meanwhile, domestic investors kept buying, with net purchases of ₹1,509.04 crore, according to provisional data from the exchanges.
Nifty Bank, midcap and IT lag
It wasn't just IT feeling the pain: Nifty Bank dropped by 482 points to close at 56,296, and Midcap lost 323 points to settle at 62,593.
IT stocks were among the biggest laggards overall.