Stock Market Extends Losing Streak: Sensex Gives Up 829-Point Rally as FII Selling and Costly Oil Weigh

Indian stock markets extended their losses for a second consecutive session on Wednesday as selling in banking, financial and power stocks, rising crude oil prices and continued foreign investor outflows weighed on sentiment. The decline came despite a strong opening rally, with the Sensex surrendering its early gains as investors turned cautious.

The BSE Sensex fell 143.21 points, or 0.19%, to close at 73,709.69, while the NSE Nifty declined 77.60 points, or 0.34%, to settle at 22,811.35.

The session began on a positive note, with the Sensex surging as much as 829.29 points to an intraday high of 74,682.19. However, selling pressure gathered momentum, dragging the index to a low of 73,229.45 before the closing bell. The Nifty followed a similar trajectory, rising to 23,120.90 before slipping to an intraday low of 22,702.85.

Bajaj Finance, Axis Bank, Kotak Mahindra Bank, State Bank of India, Bajaj Finserv and NTPC were among the major laggards. Shares of Eternal, Trent, Maruti Suzuki India, IndiGo, Bharat Electronics, Tata Steel and Titan also declined.

On the other hand, information technology stocks offered some support. HCL Technologies, Infosys, Tech Mahindra and Tata Consultancy Services advanced alongside UltraTech Cement, Bharti Airtel, PowerGrid, Reliance Industries, ITC, ICICI Bank and Sun Pharmaceuticals.

Global factors continued to unsettle investors. Brent crude rose 2.23% to cross $111 per barrel, raising concerns about inflation and corporate costs. Rising US bond yields and persistent foreign institutional investor (FII) selling added to the pressure, although optimism surrounding India-US trade negotiations provided some support.

Foreign investors sold equities worth ₹1,148.64 crore in the previous reported session, while domestic institutional investors purchased shares worth ₹3,201.19 crore.

Meanwhile, the ₹30,213-crore Jio Platforms IPO attracted strong investor demand, receiving nearly three times subscription on its opening day. The offering achieved full subscription within just 100 minutes of opening.