MUMBAI, Aug 18: Indian equity markets extended their decline on Tuesday as rising crude oil prices, higher global bond yields and renewed concerns over the West Asia conflict weighed on investor sentiment.
The Sensex fell 492.70 points, or 0.63%, to 77,235.46, while the Nifty 50 declined 132.75 points, or 0.55%, to 24,154.90. The Nifty recorded its sixth consecutive session of losses.
Rising crude prices remained the biggest concern for investors. Brent crude moved around $91 a barrel as hopes of a lasting US-Iran peace agreement weakened, raising concerns over inflation and India’s import bill.
IT stocks bore the brunt of the selling, with the Nifty IT index falling about 1.9%. Infosys, HCLTech and TCS were among the major losers. Overall, 12 of the 16 major Nifty sectoral indices ended lower.
Higher US Treasury yields added to pressure on emerging-market assets, while the rupee ended marginally weaker at ₹95.68 against the US dollar.
Despite the broad sell-off, Axis Bank, Power Grid and M&M were among the stocks that ended higher.
Investors will now closely track crude oil prices, developments in the West Asia conflict, global bond yields and foreign fund flows for further market direction.
While domestic corporate earnings remain relatively resilient, persistent oil-price pressures and elevated global yields are likely to keep Indian equities volatile in the near term.