Mumbai: India’s key stock gauges declined nearly 1% on Thursday, tracking losses seen in other Asian benchmarks after Brent oil prices inched above $100 again, driving up cautious sentiment among participants. Analysts said indices are likely to remain range-bound in the coming days until strong triggers emerge.
Elsewhere in Asia, Japan dropped 0.8%, China declined 0.3%, Hong Kong fell 1%, and Taiwan was down 0.4%, while South Korea gained 0.9%. The pan-Europe index Stoxx 600 was down 0.5% at the time of going to print.
“Markets are witnessing profit booking at higher levels following the recent 10% rally in indices. Elevated crude prices above $100 remain a key concern for India, while the ongoing West Asia conflict continues to lack clarity around resolution,” said Aamar Deo Singh, senior vice-president – research, Angel One.
India’s Volatility Index, or VIX, gained 1.6% to 18.6 levels, indicating some caution among traders. The measure is up over 102% since the start of this year.
