24 September,2026 05:19 PM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
The domestic equity benchmark indices plunged on Thursday amid the rising crude oil prices that jumped over USD 105.4 per barrel due to the geopolitical uncertainties. The heavy selling in bank and financial stocks also dragged down the indices.
The 30-share BSE Sensex tumbled 1,247.71 points, or 1.67 per cent, to settle at 73,580.54. The 50-share NSE Nifty tanked 383.70 points, or 1.64 per cent, to end at 23,063.10.
From the 30 Sensex constituents, 29 ended lower, while NTPC remained unchanged. Among the major laggards, Bajaj Finance slipped 5.47 per cent, Axis Bank dropped 4.67 per cent, Bajaj Finserv declined 4.06 per cent, InterGlobe Aviation dipped 2.78 per cent, and Trent ended 2.75 per cent lower.
"On the domestic front, the insurance and banking sectors remained weak following concerns regarding regulatory reviews of commission structures and their implications for profitability. The market is currently hovering around key psychological support levels. In the absence of fresh positive triggers, near-term sentiment may remain cautious, potentially limiting valuation expansion and making earnings growth likely to become the primary driver of market performance going forward," Vinod Nair, Head of Research, Geojit Investments said.
On Wednesday, the Sensex gained 299.17 points, or 0.40 per cent, to settle at 74,828.25, while the Nifty jumped 117.80 points, or 0.50 per cent, to end at 23,446.80.
Shares of the National Stock Exchange of India Ltd (NSE) ended nearly 2 per cent higher at Rs 1,818 in their debut trade on Thursday. The exchange commanded a market valuation of Rs 4.49 lakh crore.
The Rs 22,569-crore initial public offering of NSE, the country's second-largest IPO, received nearly 6 times subscription on the final day of bidding on Monday, led by strong demand from institutional buyers.
"Markets came under pressure amid rising bond yields and a rebound in crude oil prices, reflecting heightened global macroeconomic risks. Investor sentiment turned increasingly risk averse as concerns over the interest rate trajectory intensified, driven by lingering uncertainties around inflation and economic growth," Nair said.
Brent crude, the global oil benchmark, jumped 2.36 per cent to USD 105.4 per barrel, according to news agency PTI. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,617.45 crore on Wednesday, according to exchange data.
"Hopes of a near-term resolution remained subdued after US President Donald Trump indicated that a potential deal with Iran could come only after the November US midterm elections, while renewed Houthi activity in the Red Sea and tensions involving Saudi Arabia have heightened global supply risks and inflationary pressures," Siddhartha Khemka Head of Research, Wealth Management, Motilal Oswal Financial Services said.
In Asian markets, Japan's Nikkei 225 ended higher, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled lower. Stock market in South Korea was closed for a holiday.
(With inputs from PTI)
