By Indian markets fell for a second straight day on Tuesday, with the Sensex closing 555.23 points lower at 75,577.58 and the Nifty50 ending at 23,635.10, down 144.05 points.
The decline followed Monday’s 382-point drop, both sessions attributed largely to rising crude oil prices and ongoing US-Iran tensions.
SBI Life Insurance Company, ICICI Bank and Axis Bank led the losses on the Nifty50 index.
Broader markets showed a different trend, with the Nifty MidCap up 0.21 percent and the Nifty SmallCap up 0.17 percent.
Analysts flagged continued crude oil volatility as the main risk factor keeping benchmark indices under pressure.
Rising crude oil prices directly affect India’s economy given the country’s heavy dependence on imported oil, which widens the trade deficit and pressures the rupee when prices climb.
TCS was among the IT stocks under pressure during Tuesday’s trade, as the sector remained sensitive to signals on US interest-rate policy.
The BSE Sensex and NSE Nifty are the two primary benchmark indices used to track the overall health of the Indian stock market, comprising the country’s largest listed companies by market capitalisation.
Foreign institutional investor selling has been a recurring theme in recent sessions, adding to the pressure from oil prices and geopolitical uncertainty.
Analysts have flagged continued volatility as long as Gulf tensions and crude oil supply concerns remain unresolved, with markets likely to stay reactive to fresh developments.
Deepa Jewellers was among the new listings debuting on the exchanges around the same period, drawing separate investor attention even as the benchmark indices declined.
Tuesday marked the second straight session of losses for the Sensex, following Monday’s 382-point decline that was also attributed to crude oil prices and Gulf tensions.
SBI Life Insurance Company, ICICI Bank and Axis Bank were among the top losers on the Nifty50 index during Tuesday’s session.
National Stock Exchange building, Mumbai, Wikimedia Commons, CC BY-SA 4.0
