Benchmark equity indices BSE Sensex and Nifty 50 ended nearly 1 per cent lower on Thursday, pressured by rising crude oil prices, weak global cues and sustained foreign institutional investor (FII) selling.
The 30-share Sensex fell 582.86 points, or 0.75 per cent, to close at 76,913.50. During intraday trade, it plunged as much as 1,237.5 points, or 1.59 per cent, to 76,258.86 before recovering part of its losses in the latter half of the session.
Similarly, the Nifty 50 declined 180.10 points, or 0.74 per cent, to settle at 23,997.55, reflecting broad-based weakness across sectors. Among Sensex constituents, major laggards included Eternal, Hindustan Unilever, Tata Steel, Larsen & Toubro, UltraTech Cement, and Mahindra & Mahindra.
On the other hand, Sun Pharmaceutical Industries, Infosys, Bajaj Finance, and Adani Ports and SEZ were among the gainers. Brent crude, the global oil benchmark, slipped 1.52 per cent to trade around USD 116.2 per barrel, though it had earlier surged to multi-year highs amid geopolitical tensions.
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Foreign Institutional Investors sold equities worth ₹2,468.42 crore on Wednesday, according to exchange data, adding further pressure on domestic markets.
Analysts said the session witnessed high volatility, with early panic selling gradually easing as markets recovered from intraday lows. Nifty opened with a sharp gap-down near the crucial 24,000 mark, tracking weak global sentiment and risk aversion.
Experts attributed the weakness to escalating tensions in West Asia, a sharp rise in crude prices, rupee depreciation, and sustained FII outflows. Brent’s spike above USD 120 raised concerns over inflation, currency stability, and corporate margins, especially for an import-dependent economy like India.
Broader markets also ended lower, with the BSE MidCap index falling 0.84 per cent and the SmallCap index declining 0.58 per cent. Sectorally, metals lost the most, followed by PSU banks, realty, commodities, FMCG, financial services, and industrials. IT and telecom stocks, however, showed relative resilience.
Asian markets mirrored the weak sentiment, with Japan’s Nikkei, South Korea’s Kospi, and Hong Kong’s Hang Seng falling over 1 per cent, while Shanghai ended marginally higher. European markets traded mixed, and US indices closed mostly lower on Wednesday.
Analysts also noted that the US Federal Reserve’s steady but firm policy stance supported the dollar, tightening conditions for emerging markets. Domestically, autos, banks, metals, and real estate led losses, while IT and pharma saw selective buying at lower levels. Indian stock and forex markets will remain closed on Friday on account of Maharashtra Day.
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