Markets Fall For Third Straight Session, Oil Surge & Bank Stock Selling Drag Sensex And Nifty Lower

Mumbai: Indian stock markets ended sharply lower for the third consecutive session on Wednesday as rising crude oil prices, geopolitical tensions and heavy selling in banking stocks weakened investor sentiment.

The 30-share BSE Sensex dropped 715.06 points, or 0.92 percent, to close at 76,755.05. During the session, it fell as much as 828.92 points to touch 76,641.19.

The NSE Nifty declined 191.45 points, or 0.79 percent, to settle below the 24,000 mark at 23,996.25.

Oil Pressure

Brent crude, the global oil benchmark, jumped 4.68 percent to $95.27 per barrel. The rise followed concerns about possible supply disruptions amid the continuing US-Iran standoff and Houthi-led disruptions along major global shipping routes.

Vinod Nair, Head of Research at Geojit Investments, said higher crude prices and a weaker rupee added pressure on domestic equities.

Banks Slide

InterGlobe Aviation, Infosys, State Bank of India, UltraTech Cement, ICICI Bank and Axis Bank were among the biggest Sensex laggards.

Hindustan Unilever, NTPC, Power Grid and Titan managed to close higher, limiting some losses in the benchmark.

Sector Weakness

Realty was the worst-performing sector, falling 2.62 percent. The services index declined 1.97 percent, while PSU banks dropped 1.83 percent.

Focused IT, private banks and broader IT indices also faced significant selling. FMCG was the only sectoral index to end in positive territory.

Broader markets remained under pressure. The BSE MidCap Select index fell 1.33 percent, while the SmallCap Select index declined 1.16 percent.

Weak Breadth

Market breadth was firmly negative, with 2,780 shares declining against 1,458 advances on the BSE. Another 180 shares ended unchanged.

Analysts said geopolitical uncertainty, higher oil prices and concerns about possible US tariffs on pharmaceutical imports kept investors cautious despite an encouraging start to the quarterly earnings season.

Global Cues

Asian markets closed mixed, while European markets traded higher. Foreign institutional investors bought equities worth Rs 1,650.16 crore on Tuesday, according to exchange data.