Sensex, Nifty end lower as crude spike and sell-offs erase early gains

The Sensex fell 143.21 points to 73,709.69 and the Nifty 50 shed 77.60 points to 22,811.35 on Wednesday, surrendering a 1 per cent early rally as rising crude prices and geopolitical friction sparked selling. The services sector was the biggest drag, plunging over 5 per cent.

Indian equities ended in the red on October 21 after paring strong early gains, with the Nifty 50 falling 0.34 per cent to 22,811.35 and the BSE Sensex slipping 0.19 per cent to 73,709.69. Both benchmarks had risen about 1 per cent in morning trade before profit-booking took over.

The reversal was led by a spike in crude oil prices -- Brent rose above $110 a barrel -- along with geopolitical friction and surging volatility, with India VIX jumping 5.1 per cent to 14.79. The Services sector was the worst hit, plunging more than 5 per cent, while Engineering Services and Electrical Equipment also fell sharply.

Market breadth was heavily negative: 468 stocks advanced and 2,908 declined on the NSE. Foreign institutions were net buyers of Rs 1,022 crore in the cash market and domestic institutions net buyers of Rs 1,614 crore, while midcaps and smallcaps underperformed the benchmarks, falling 1.39 per cent and 2.26 per cent respectively.