Indian equity markets extended their losing streak for a fourth consecutive trading session on Thursday, with both benchmark indices closing lower amid higher crude oil prices, continued selling by foreign institutional investors (FIIs), and weak global cues that weighed on investor sentiment.
At the close of trade, the BSE Sensex declined 363.66 points, or about 0.47%, to settle at 76,391.39. The NSE Nifty fell 126.65 points, or around 0.53%, to close at 23,869.60.
Selling pressure remained broad-based across the market, with several frontline stocks ending lower, while only a limited number of shares managed to close in positive territory.
Among the Nifty 50 constituents, Adani Enterprises, Shriram Finance, Nestle India, Adani Ports, and Bajaj Finance were among the major laggards. On the other hand, Bajaj Auto, SBI Life Insurance, Mahindra & Mahindra, TCS, and Eicher Motors closed higher. Buying interest in auto stocks helped limit the broader market decline to some extent.
On the sectoral front, the Realty index was the worst performer, declining about 1.8%. The Oil & Gas, Infrastructure, PSU Bank, and Energy indices also fell by around 1%. Metal, Pharma, FMCG, and Consumer Durables stocks witnessed selling pressure. In contrast, the Nifty Auto index outperformed the broader market, ending about 0.7% higher.
Higher international crude oil prices remained one of the key factors weighing on market sentiment. Brent crude rose to around $97 per barrel, raising concerns for India, a major oil-importing nation. Sustained strength in crude oil prices could increase India's import bill and add pressure on inflation.
Higher crude oil prices could also affect corporate costs and the country's current account. The sharp rise in oil prices was viewed as a negative signal for the equity market. In addition, escalating geopolitical tensions in West Asia and reports of attacks on Saudi oil tankers increased investor concerns. Uncertainty over global energy supplies continued to contribute to volatility in the crude oil market.
Foreign institutional investor activity also weighed on domestic equities. According to available data, foreign investors recorded net sales of approximately ₹819 crore worth of Indian equities. Continued foreign capital outflows could keep pressure on the market, particularly as global investors shift toward safer assets and remain cautious about risks in emerging markets.
