Stock Market Today: Nifty, Sensex End Lower As Higher Oil Prices, Banks Stocks Weigh; Maruti Suzuki Top Loser

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India’s benchmark equity indices ended lower on Tuesday, after seesawing between gains and losses, as investor sentiment turned cautious on higher oil prices and Middle East tensions. Banks fared the worst during the session.

The Nifty 50 settled 97 points or 0.4% lower at 23,995.70. The BSE Sensex shed 416.72 points or 0.5% to close at 76,886.91.

Axis Bank and Maruti Suzuki were the top percentage losers on the blue-chip index. ONGC and Adani Enterprises gained the most.

On the NSE, the Nifty PSU Bank index was the top loser, followed by Nifty Bank and Nifty Auto. On the other hand, Nifty Oil and Gas gained the most.

Meanwhile, Asian stock markets ended lower with the regional MSCI Asia Pacific index down 0.4%. South Korea’s benchmark Kospi clinched another record high after surging 1.3%, before closing 0.35% higher. Nikkei closed 1% lower, Hang Seng slipped 0.95%, and the Shanghai Shenzhen CSI 300 dropped 0.27%.

The White House said US President Donald Trump will address a proposal from Iran to reopen Hormuz “very soon”. Tehran has signaled it may be willing to accept an interim deal to reopen Hormuz in exchange for Washington ending its blockade of Iranian ports, while postponing more complex negotiations over the country’s nuclear program.

Oil prices rose 1%. Brent crude traded above $111, bringing the gain this week to almost 6%, while West Texas Intermediate was above $98.