India stocks-India's Nifty logs longest losing streak in 11 months on higher crude, Treasury yields
EPI•Sector moves and stock highlights
Fourteen of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 dipped 0.5% and 0.2%, respectively.
High weightage financials .NIFTYFIN shed 0.4%, dragged by 0.7% and 0.6% drop in ICICI Bank ICBK.NS and Axis Bank AXBK.NS.
IT index .NIFTYIT rose 0.7% after dropping 4% in the last three sessions.
Bucking the broader trend, Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS gained 1.7% and 1.5% on the government's incentives to city gas distributors to boost domestic connections of piped cooking gas.
Temasek-backed e-commerce logistics services firm Shiprocket SIPO.NS jumped about 48% in debut trade.
Indian shares fall on higher crude and bond yields
Indian shares fell on Wednesday, with high crude oil prices and rising global bond yields weighing on appetite for risk assets globally.
The Nifty 50 index .NSEI has fallen for seven straight sessions, its longest losing streak in 11 months, dropping 2.1% over the period. The BSE Sensex .BSESN dropped in six out of seven sessions, dipping 2.1%.
On the day, the Nifty 50 slid 0.32% to 24,078.30 and the Sensex lost 0.42% to 76,909.68.
Risk sentiment weakened by crude oil and geopolitical concerns
"Risk appetite in Indian market appears to have weakened considerably with Nifty witnessing sustained, gradual selling pressure," said Sudeep Shah, head of technical and derivatives research at SBI Securities.
"The primary factor weighing on investor sentiment has been the sharp surge in crude oil prices as the geopolitical situation in West Asia continues to show little sign of easing."
