Indian stocks tumble amid oil surge, Middle East tensions and Fed outlook
The BSE Sensex and NSE Nifty 50 fell sharply October 28, as rising crude oil prices, U. S. -Iran tensions and anticipation of the U. S. Federal Reserve’s policy decision weighed on investors, with IT stocks leading the losses, NDTV reported. Earlier in the week, the Nifty 50 slipped to 22,600 for a fourth straight session, CNBC TV18 said, while the Economic Times noted that the Sensex and Nifty had dropped more than 2% the previous week on higher oil prices, foreign institutional outflows and Middle-East concerns. Livemint highlighted support near 22,300 and resistance around 22,850-22,900, and Moneycontrol.
com reported a flat-open GIFT Nifty suggesting cautious sentiment. IT shares fell after Infosys cut its revenue growth forecast, prompting a 2. 3% sector decline, according to Moneycontrol. com. A brief rebound on was led by pharma and ports stocks, but analysts said the market remained weak, with the 20-day EMA around 22,500-22,600 acting as resistance, as noted by Moneycontrol. com.
