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Indian equity benchmarks traded lower, halting a three-day losing streak, led by the losses in HDFC Bank, ICICI Bank, L&T and Axis Bank. The NSE Nifty 50 fell as much as 2.5% to 23,180, while the BSE Sensex dropped 2.6%, or 2,018 points, to 74,685.
HDFC Bank had the biggest impact on the index, even as the stock cut its opening losses. The move came after the bank said part-time chairman Atanu Chakraborty had resigned, citing concerns over practices that were not aligned with his personal values and ethics. The stock later recovered after the lender clarified that tehre was no specific operational issues were highlighted and there was no material difference between Chakraborty and the board.
Meanwhile, oil prices rose further as strikes on energy infrastructure in the Middle East raised supply concerns. Brent crude May futures climbed 4% to $111.80. US West Texas Intermediate April futures rose more than 3% to $99.47. Elsewhere, Asia-Pacific markets traded lower on Thursday, tracking losses on Wall Street. Japan’s Nikkei 225 fell 2.99%, while South Korea’s Kospi declined 1.74%. Australia’s S&P/ASX 200 slipped 1.67%, Hong Kong’s Hang Seng fell 1.66%, and Shanghai dropped 0.95%.
