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K.S. Badri Narayanan

Chennai, Sept. 15 Even the continuing collapse in crude prices, as well as other commodities, could not protect the stock market from a poor performance. Back in mid-July, when oil was $147 a barrel, few expected the possibility that it might touch $100 by September. Even as the crude prices declined below $100, the equities have failed to react due to factors such as high inflation, slowing economic growth and the woes facing the financial sector in the US. The BSE Sensex slipped by 3 per cent and the NSE’s S&P CNX Nifty gained 2 per cent.

According to market participants, it’s the Dow Jones Industrial Average that is more important for the Indian equity markets’ movement.

With real-estate, bond prices and equities witnessing a sharp fall, crude was the last bastion still standing for global investment managers. If that gives way, investor wealth could be further eroded and that could affect other asset classes, including equities, say marketmen.

More Stories on : Petroleum | Stock Markets

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