18 August,2026 04:47 PM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
The domestic equity benchmark indices declined sharply as crude oil prices over USD 91 per barrel and the persisting tensions between US and Iran weighed heavily on investor sentiment.
The 30-share BSE Sensex extended its losses for third straight day and plunged 492.70 points, or 0.63 per cent, to settle at 77,235.46. The 50-share NSE Nifty tumbled for the sixth straight day, declining 132.75 points, or 0.55 per cent, to end at 24,154.90.
According to Bajaj Broking Research, Indian benchmark indices opened on a weak note and remained under pressure throughout the session. It added that the session also remained volatile and choppy amid the weekly Nifty expiry, while persistent weakness in the Indian rupee against the US dollar added to the pressure on domestic equities.
On Monday, the Sensex declined 281.09 points, or 0.36 per cent, to settle at 77,728.16, while the Nifty shed 78.35 points, or 0.32 per cent, to end at 24,287.65, extending its losses to the fifth day amid the rising crude oil prices.
According to Siddhartha Khemka Head of Research, Wealth Management, Motilal Oswal Financial Services, the Nifty 50 extended its losing streak to six consecutive sessions, declining 1.7 per cent over the past week.
From the Sensex pack, Axis Bank, Power Grid, Mahindra & Mahindra, Bajaj Finance, Larsen & Toubro, Reliance Industries were among the major gainers, while Asian Paints, Infosys, HCL Tech, Bharti Airtel, Tata Consultancy Services, and Hindustan Unilever were among the major laggards.
"Broader markets remained mixed, with the Nifty Midcap 100 declining 0.4 per cent, while the Nifty Smallcap 100 was broadly flat. Sectorally, Media and Automobiles gained 0.3 per cent each, while IT, Realty and PSU Banks were among the key laggards. The Nifty IT index declined nearly 2 per cent for the third consecutive session, pressured by elevated US Treasury yields and crude oil prices," Khemka said.
"Crude oil remained the primary drag on market sentiment, while rising US bond yields and weak global cues prolonged the risk-off trend in Indian equities. Investor anxiety increased as hopes for a Middle East resolution faded following the expiration of the temporary US-Iran ceasefire, heightening concerns about renewed inflation," Vinod Nair, Head of Research, Geojit Investments said.
According to news agency PTI, Brent crude, the global oil benchmark, went up 0.17 per cent to USD 91.02 per barrel.
"Weak global cues and FII (foreign institutional investors) selling weighed on sentiment, with FIIs selling equities worth Rs 2,535 crore on Monday, their highest selling in three weeks. The US 10-year Treasury yield remained elevated at around 4.7 per cent, while the rupee weakened 0.15 per cent to Rs 95.7 against USD, adding to pressure on domestic equities," Khemka said.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 settled lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index recovered to end marginally higher.
(With inputs from PTI)
