Sensex, Nifty Extend Slide: Crude Spike, Iran Tensions Weigh

The crude spike hits a few sectors directly. Aviation stocks fell on higher jet fuel costs. Paint companies, whose raw materials track crude, also saw selling. Oil marketing companies faced margin pressure as the government has not adjusted retail prices in weeks.

Foreign portfolio investors have been net sellers for several sessions. Domestic institutions have absorbed some of the supply but not enough to stop the slide. The combination of geopolitical risk and rising energy costs has shifted sentiment.

The next catalyst is the OPEC+ meeting scheduled for early August. Any signal on supply cuts could push crude higher or relieve some pressure. For now, traders are watching the 23,500 level on the Nifty as the next support.