Sensex, Nifty extend losses to second day amid oil price pressure

The Sensex and Nifty extended their losses into a second straight session on Tuesday, with the Sensex closing at 75,577.58, down 555.23 points, and the Nifty50 at 23,635.10, down 144.05 points.

Banking heavyweights SBI Life Insurance Company, ICICI Bank and Axis Bank were among the biggest losers on the Nifty50.

Monday’s session had already seen the Sensex fall 382 points on rising crude oil prices and US-Iran tensions, a trend that continued into Tuesday.

The Nifty MidCap and Nifty SmallCap indices moved against the trend, gaining 0.21 percent and 0.17 percent respectively.

Market participants continued to cite crude oil prices and geopolitical uncertainty as the primary drivers of the decline.

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.

The broader markets showed a different pattern than the benchmark indices, with the Nifty MidCap rising 0.21 percent and the Nifty SmallCap rising 0.17 percent even as the Sensex and Nifty fell.

National Stock Exchange building, Mumbai, Wikimedia Commons, CC BY-SA 4.0