09 September,2026 04:51 PM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
The domestic equity benchmark indices extended their losing streak on the third consecutive day on Wednesday, as crude oil prices surged over USD 100 per barrel amid the escalating tensions between US and Iran. Offloading in IT stocks also weighed on the investor sentiment.
The 30-share BSE Sensex plunged 813.35 points, or 1.08 per cent, to settle at the day's low of 74,764.23. The 50-share NSE Nifty tanked 203.60 points, or 0.86 per cent, to end at 23,431.50.
"Indian benchmark indices witnessed strong selling pressure during Wednesday's session, with Brent crude oil prices rising above the USD 100 per barrel mark amid heightened geopolitical uncertainty, further weighing on investor sentiment. The indices attempted a recovery from their intraday lows; however, the rebound failed to sustain, triggering another wave of selling pressure and pushing the Nifty towards its day's low by the close," Pabitro Mukherjee, Deputy Vice President Research, Bajaj Broking said.
Among the 30 Sensex constituents, only six ended higher. Adani Ports, Tata Steel, Trent and NTPC were among the notable gainers, while IT stocks witnessed erosions. HCL Tech stock tanked 4.55 per cent, along with Infosys that lost 4.43 per cent. Tech Mahindra, Tata Consultancy Services, HDFC Bank and Hindustan Unilever were also among the major laggards.
According to Shrikant Chouhan, Head Equity Research, Kotak Securities, the IT index lost the most, shedding 3.25 percent, whereas despite weak market sentiment, the Metal index gained 1.75 percent.
"Sector-wise, the session remained largely weak, with BSE Metal, Utilities and Commodities emerging among the key gainers. On the other hand, BSE Focused IT, Information Technology, Bankex, Consumer Durables and Auto were among the major lagging sectors. The weakness in technology, banking and consumer-linked segments indicates that selling pressure was broad-based, despite relative strength in select commodity-oriented sectors," Sachin Gupta, VP Technical Research, Choice Equity Broking said.
On Tuesday, Sensex tanked 555.23 points, or 0.73 per cent, to settle at 75,577.58, while the Nifty declined 144.05 points, or 0.61 per cent, to end at 23,635.10.
"Indian equities are likely to remain under pressure amid weak global cues, a sharp rise in crude prices and continued concerns over supply disruptions following the latest escalation in US-Iran hostilities around the Strait of Hormuz. Brent crude crossed the USD 100 per barrel mark today, its highest level since July, as intensifying Middle East tensions raised concerns over global oil supplies. Oil prices have surged nearly 43 per cent from their late-June low of USD 70.14 per barrel," Siddhartha Khemka Head of Research, Wealth Management, Motilal Oswal Financial Services said.
According to news agency PTI, Brent crude, the global oil benchmark, jumped 2.67 per cent to USD 100.5 per barrel, while Foreign Institutional Investors (FIIs) offloaded equities worth Rs 123.19 crore on Tuesday.
"Markets are increasingly pricing in a prolonged Middle East conflict, with continued hostilities and retaliatory actions expected to keep crude oil prices elevated in the near term. Persistent geopolitical uncertainty is making it difficult for major central banks to achieve a balance between growth and inflation, while higher energy costs pose risks to both economic activity and price stability. With bond yields and currencies remaining volatile, investors are likely to adopt a cautious stance, limiting risk appetite and keeping market sentiment subdued," Vinod Nair, Head of Research, Geojit Investments said.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index ended higher, while Japan's Nikkei 225 and Hong Kong's Hang Seng index settled lower.
(With inputs from PTI)
