India’s benchmark stock indices closed sharply lower on Wednesday as rising global crude oil prices and continued tensions in the Middle East weakened investor sentiment, according to media reports.
The BSE Sensex dropped 715.06 points, or 0.92%, to end at 76,755.05. The NSE Nifty50 fell 191.45 points, or 0.79%, to close at 23,996.25, slipping below the 24,000 mark. It was the third straight session of losses for both indices.
According to media reports, Brent crude rose more than 4% to around $95 a barrel, while US crude also gained over 4%. Higher oil prices raised concerns about inflation, India’s import bill and the rupee, leading to cautious trading on Dalal Street.
Banking, information technology and pharmaceutical stocks were among the biggest losers. IndiGo fell nearly 4%, while Infosys, State Bank of India, ICICI Bank, Axis Bank, Reliance Industries and HDFC Bank also ended lower. Broader market indices, including small-cap and mid-cap stocks, declined as investors reduced risk.
According to media reports, market volatility increased, with India VIX rising 5.49% to 13.29.
FMCG and auto stocks provided some support to the market. Hindustan Unilever, NTPC, Power Grid, Titan and Bharti Airtel closed with modest gains.
Market experts said investors are likely to remain cautious while geopolitical tensions persist and crude oil prices stay elevated, although quarterly earnings may continue to drive stock-specific movements.
