Stock Market Slides Again! Sensex, Nifty Hit Multi-Week Lows Amid Oil Price Shock

Indian equity markets ended lower for the fourth consecutive trading session on Thursday as surging crude oil prices, mounting West Asia tensions, and renewed concerns over global economic growth weighed heavily on investor sentiment.

The BSE Sensex declined 363.66 points (0.47%) to close at a one-month low of 76,391.39 after slipping as much as 603 points during intraday trade. The NSE Nifty 50 also lost 126.65 points (0.53%) to settle at a three-week low of 23,869.60, reflecting broad-based weakness across key sectors.

Heavyweight stocks including Reliance Industries, HDFC Bank, Bharti Airtel and Bajaj Finance dragged the benchmark indices lower. Among Sensex constituents, Adani Ports emerged as the biggest loser, while Axis Bank, State Bank of India, Tata Steel and InterGlobe Aviation also finished in the red. On the positive side, Mahindra & Mahindra, Tata Consultancy Services, Eternal and Bajaj Finserv managed to close with gains.

Analysts attributed the prolonged sell-off to a sharp jump in Brent crude prices, which climbed more than 4.5% to $98.32 per barrel following fresh attacks on oil tankers in the Red Sea. The surge in energy prices has raised concerns over higher inflation, increased input costs for companies and pressure on corporate earnings.

Foreign Institutional Investors (FIIs) also remained net sellers, offloading equities worth ₹819.20 crore in the previous trading session, adding to the bearish mood.

The broader market witnessed even steeper declines, with the BSE SmallCap Select Index falling 1.10% and the MidCap Select Index dropping 1.07%. Realty, services, telecom, power, utilities, commodities and banking stocks led the losses, while auto and insurance shares bucked the trend.

Market breadth remained firmly negative, with 2,684 stocks declining, compared to 1,556 advancing on the BSE.

Over the last four trading sessions, the Sensex has shed 1,760 points, while the Nifty has lost nearly 465 points, highlighting growing caution among investors as geopolitical tensions and rising oil prices continue to cloud the market outlook.