Markets decline in early trade on higher crude oil prices, selling in bank stocks

New Delhi: Benchmark indices Sensex and Nifty declined in early deals on Wednesday as higher crude oil prices and selling in bank stocks hit investors' sentiment.

The 30-share BSE Sensex declined 403.54 points to 77,066.06 in early trade, taking the donwtrend to the third day running. The 50-share NSE Nifty edged lower by 114.75 points to 24,070.05.

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From the Sensex pack, InterGlobe Aviation, Axis Bank, State Bank of India, Sun Pharma, Adani Ports, UltraTech Cement, HDFC Bank and ICICI Bank were among the major laggards.

Titan, Eternal, Maruti and Asian Paints were the winners.

Elevated crude oil prices and persistent geopolitical tensions have tempered risk appetite in the markets, according to an expert.

Brent crude, the global oil benchmark, quoted 1.15 percent higher at USD 92.06 per barrel.

In Asian markets, South Korea's KOSPI jumped 5.16 percent. Japan's Nikkei 225 index and Shanghai's SSE Composite index were also trading higher, while Hong Kong's Hang Seng index quoted lower.

US markets ended higher on Tuesday.

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Foreign Institutional Investors (FIIs) turned buyers on Tuesday. They bought equities worth Rs 1,650.16 crore in the previous trade, according to exchange data.

On Tuesday, the Sensex declined 238.41 points, or 0.31 percent, to settle at 77,470.11. The Nifty edged lower by 50.80 points, or 0.21 percent, to end at 24,187.70.

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