Markets extend losing streak; Sensex falls 493 points, Nifty ends at 24,155 amid higher crude prices

Domestic benchmark indices ended lower on Tuesday, with the Sensex sliding nearly 493 points and the Nifty extending its losing streak to the sixth session, as rising crude oil prices and fading hopes of a diplomatic breakthrough in West Asia weighed on investor sentiment.

The 30-share BSE Sensex fell 492.70 points, or 0.63%, to settle at 77,235.46, marking its third consecutive session of losses. The index fell 493.80 points, or 0.63%, to 77,234.36 during fag-end trading. On the other hand, the 50-share NSE Nifty declined 132.75 points, or 0.55%, to end at 24,154.90, extending its losing streak to six sessions.

Among the Sensex constituents, Asian Paints , Infosys , HCL Technologies , Bharti Airtel, Tata Consultancy Services , and Hindustan Unilever were among the biggest losers. Axis Bank , Power Grid Corporation , Mahindra & Mahindra , and Bajaj Finance were among the gainers.

Brent crude prices edge up

Brent crude, the global oil benchmark, rose 0.17% to $91.02 per barrel, adding to concerns over inflation and the economic impact of prolonged geopolitical tensions.

Elevated US yields also weighed on emerging-market assets, while continued selling in IT stocks reflected concerns that persistently high interest rates could dampen global technology spending.

Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said, "Indian equities are likely to remain under pressure in the near term as elevated crude oil prices, US-Iran tensions and weak global cues weigh on sentiment. With Brent crude rising above $90/barrel and the reopening of the Strait of Hormuz remaining unresolved, oil prices will remain a key monitorable for the rupee, inflation and foreign flows."

Asian markets at a glance

In Asian markets, South Korea's Kospi and Japan's Nikkei 225 ended lower, while Shanghai's SSE Composite and Hong Kong's Hang Seng closed marginally higher. European markets were trading mixed while US markets ended in negative territory on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,535.10 crore on Monday, according to exchange data.

Rupee slips 7 paise

Meanwhile, the rupee weakened 7 paise to close at 95.68 (provisional) against the US dollar on Tuesday, weighed down by elevated crude oil prices and lingering geopolitical tensions in West Asia.

At the interbank foreign exchange, the rupee opened at 95.68 against the greenback and moved in a range of 95.64-95.69 during the session. It eventually settled at 95.68, down 7 paise from its previous close.

Forex traders said the USD/INR pair is likely to remain under slight pressure, amid delays in a potential deal between the US and Iran, rising crude oil prices and broader dollar strength. On Monday, the rupee had depreciated 19 paise to close at 95.61 against the US dollar.