Dalal Street Stays Under Pressure, Sensex And Nifty Extend Slide As Surging Oil Prices Rattle Markets

Mumbai: Indian stock markets extended losses for a second straight session on Tuesday, September 8, with the Sensex and Nifty closing at their lowest levels since mid-June as elevated crude oil prices and geopolitical tensions kept investors cautious.

The BSE Sensex dropped 555.23 points, or 0.73%, to close at 75,577.58, while the NSE Nifty 50 declined 144.05 points, or 0.61%, to 23,635.10.

Banks, Financial Stocks Lead Decline

Banking and financial shares were among the biggest drags on the benchmark indices. SBI Life Insurance, ICICI Bank and Axis Bank emerged among the top Nifty losers.

Sectorally, the Nifty Private Bank and Nifty Financial Services indices recorded the steepest declines. In contrast, pharmaceutical and healthcare stocks bucked the weak market trend, with the Nifty Pharma and Nifty Healthcare indices outperforming.

Broader markets also showed greater resilience. The Nifty MidCap index gained 0.21%, while the Nifty SmallCap index advanced 0.17%.

Crude Oil Keeps Markets on Edge

Rising crude oil prices remained a major concern for Indian equities, particularly as geopolitical uncertainty continued to cloud the global outlook.

Brent crude remained elevated at around $97 a barrel, adding to concerns over India's import bill, inflation and corporate costs.

Market experts said heightened volatility could persist in the near term, with selective buying likely to continue. Defensive and value-oriented sectors such as healthcare, telecom, FMCG and IT could offer some resilience.

The Indian rupee also weakened 0.29% to 94.81 against the US dollar, while the dollar index hovered near 98.95.

With crude prices staying elevated, oil movements and geopolitical developments are likely to remain key triggers for the Indian stock market.