Sensex, Nifty extend losses for 4th day; Sensex declines over 415 points amid elevated crude oil prices

The domestic equity benchmark indices extended their losing streak to a fourth consecutive day on Thursday as rising crude oil prices amid renewed conflict between US and Iran dented investor sentimentThe market movementThe 30share BSE Sensex declined 41749 points or 055 per cent to close at 7615286 The 50share NSE Nifty dipped 41 points or 017 per cent to settle at 2387345During the initial trade the benchmark indices had rebounded to trade in the positive territory however they pared their gains during the end of the sessionIndian benchmark indices opened with a gapup but failed to sustain the early gains and ended lower extending their losing streak to the fourth consecutive session Selling pressure intensified amid a fresh breakout in Brent crude oil prices above the USD 95 per barrel mark while elevated geopolitical tensions continued to weigh on investor sentiment The session also witnessed heightened volatility led by the Sensex as investors remained cautious amid the uncertain global backdrop Pabitro Mukherjee Deputy Vice President Research Bajaj Broking saidAccording to Vinod Nair Head of Research Geojit Investments banking and realty stocks provided leadership while smallcaps attracted investor interest reflecting confidence in domestic growth prospectsAmong the 30 Sensex constituents Axis Bank Adani Ports Asian Paints HDFC Bank Bharti Airtel Bharat Electronics Ltd and Tata Steel were among the gainers while Titan Trent ITC Mahindra amp Mahindra Bajaj Finserv HCL Technologies Tech Mahindra Sun Pharmaceuticals Tata Consultancy Services UltraTech Cement and Bajaj Finance were the major laggards Bank stocks had rallied during the day on higher FCNR B mobilisationCrude prices keeps investors cautiousThe markets recovery attempt lost steam as supportive global cues and renewed FII inflows collided with lingering geopolitical tensions and elevated global yields Nair saidStubbornly high crude oil prices continue to act as key overhangs for the domestic market While Indias strong growth momentum and recent sovereign rating upgrade remain powerful structural positives nearterm market direction will largely depend on the evolution of global macro and geopolitical risks he addedAccording to news agency PTI Brent crude the global oil benchmark rose 157 per cent to USD 9713 per barrelIndian equities are likely to remain under pressure amid elevated crude prices keeping investor sentiment cautious Brent crude rose 16 per cent to around USD 97 per barrel near its highest levels in over a month as investors continued to monitor Middle East developments Siddhartha Khemka Head of Research Wealth Management Motilal Oswal Financial Services saidForeign Institutional Investors FIIs bought equities worth Rs 668837 crore on Wednesday while Domestic Institutional Investors DIIs also purchased shares worth Rs 281298 croreAccording to PTI Asian markets ended on a mixed note with Hong Kongs Hang Seng and Japans Nikkei 225 settling lower Shanghais SSE Composite index closed flat while South Koreas Kospi ended higherWith inputs from PTI