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Sensex, Nifty End Lower As Oil Rally Continues Ahead Of OPEC+ Meeting
(RTTNews) - Indian shares edged lower Monday on inflation concerns after oil prices surged on reports that OPEC+ is considering deeper output cuts at the 26 November meeting in Vienna to shore up prices.
Crude traded higher in European trade on top of a 4 percent gain Friday.
The downside remained capped amid dovish Fed bets and a pledge by Chinese officials to roll out more stimulus measures for the country's beleaguered property sector.
Treasury yields edged lower, and the dollar held below over two-month lows on expectations that the Federal Reserve will refrain from raising interest rates over the next several months before cutting rates in mid-2024.
The benchmark S&P BSE Sensex ended the session down 139.58 points, or 0.21 percent, at 65,655.15 while the broader NSE Nifty index settled 37.80 points, or 0.19 percent, at 19,694.
UltraTech Cement, SBI Life, Mahindra & Mahindra, Bajaj Finance and Adani Enterprises fell 1-3 percent in the Nifty pack, while Coal India, HCL Technologies, Wipro, Bharti Airtel and Divis Laboratories rose 1-2 percent.
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