Indian equity benchmarks turned volatile and started sliding, following a surprise production cut from the Organization of the Petroleum Exporting Countries. The S&P BSE Sensex declined after opening above the 59,000-level, whereas the NSE Nifty 50 slipped below 17,400 points.
Asian stocks were mixed on Monday, and the dollar rose with treasury yields as a surprise production cut from OPEC+ drove oil prices about 5% higher.
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The group's decision to reduce output by more than one million barrels a day came as a jolt to global markets, sending the U.S. and European share futures lower.
Investors across asset classes rushed to adjust for the risk of more persistent inflationary pressure.
As of 12:42 p.m., the S&P BSE Sensex was down 55 points, or 0.09%, at 58,937.02, while the NSE Nifty 50 was lower by 11 points, or 0.06%, at 17,348.80.
Bajaj Finance Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., Maruti Suzuki India Ltd., and Oil & Natural Gas Corp Ltd. were positively contributing to the change.
Whereas, Hindustan Unilever Ltd., Infosys Ltd., ICICI Bank Ltd., ITC Ltd., and Tata Consultancy Services Ltd. were weighing the Nifty down.
All Adani Group company stocks declined in trade except ACC Ltd. and Ambuja Cements Ltd.
The broader market indices outperformed their larger peers; S&P BSE MidCap was up 0.16%, whereas S&P BSE SmallCap was higher by 1.05%.
Fourteen out of the 19 sectors compiled by BSE advanced. S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, S&P BSE Oil and Gas, S&P BSE Utilities, S&P BSE Power, and S&P BSE Teck declined.
The market's breadth was skewed in favour of buyers. About 2,555 stocks rose, 885 declined, and 143 remained unchanged on the BSE.
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