Sensex fell 493 pts, Nifty dropped 0.55% to 24,155 as crude held above $91/bbl after the U.S.-Iran ceasefire expired. IT, FMCG led losses. FIIs sold ₹2,535 cr.
Indian equity benchmarks extended their losses for a sixth straight session on Tuesday, with the Sensex falling 493 points and the Nifty dropping below 24,200 as crude oil held above $91 a barrel and a temporary U.S.-Iran ceasefire expired without a permanent deal.
The 30-share BSE Sensex settled at 77,235.46, down 492.70 points or 0.63%. It hit an intraday low of 77,234.36. The 50-share NSE Nifty slid 132.75 points, or 0.55%, to close at 24,154.90. It was the Nifty's sixth consecutive decline.
Brent crude rose 0.17% to $91.02 a barrel during the session. The expiration of the temporary U.S.-Iran ceasefire on Monday ended what had been a brief period of reduced supply risk, pushing oil back toward levels that historically pressure Indian import costs and the current-account deficit.
"Crude oil remained the primary drag on market sentiment, while rising U.S. bond yields and weak global cues prolonged the risk-off trend in Indian equities," said Vinod Nair, Head of Research at Geojit Investments Ltd. "Investor anxiety increased as hopes for a Middle East resolution faded following the expiration of the temporary U.S.-Iran ceasefire, heightening concerns about renewed inflation."
Elevated U.S. Treasury yields further reduced the appeal of emerging-market assets, Nair added. The yield on the 10-year U.S. note has climbed through August, tightening the carry-trade calculus for foreign portfolio investors. Foreign Institutional Investors sold ₹2,535.10 crore of Indian equities on Monday alone, exchange data showed.
IT stocks led the declines on the Sensex. Infosys, HCL Tech, and Tata Consultancy Services were among the biggest laggards. The Focused IT index fell 1.84%. Nair said IT-sector losses reflected fears that persistently high U.S. interest rates could dampen global technology spending.
Asian Paints and Bharti Airtel also closed lower. Hindustan Unilever, which carries an Alpha Score of 55/100 on AlphaScala's proprietary metric – a Mixed label – slipped alongside broader FMCG weakness. The FMCG sector index fell 0.67%.
Axis Bank, Power Grid, Mahindra & Mahindra, and Bajaj Finance were among the gainers on the Sensex, offering some support.
The broader market was mixed. The BSE MidCap Select index declined 0.46%, while the SmallCap Select index edged up 0.24%. Among sectoral indices, Technology Realty fell 1.28%, PSU Bank dropped 1.04%, and Consumer Durables slipped 0.81%. Metal and Capital Goods indices each lost about 0.47%.
Several Tata Group stocks closed lower. Tata Motors Passenger Vehicles fell 2.28%, Tata Chemicals slipped 1.63%, TCS dipped 1.47%, and Tata Consumer Products lost 1.25%. Voltas edged down 1.10%, Tata Communications declined 1%, and Tata Investment Corporation skidded 0.94%. Tata Steel lost 0.48%, while Titan, Tata Power, and Trent each fell about 0.2-0.4%.
The declines came as a key annual general meeting of Tata Sons, the holding company of the salt-to-software conglomerate, had to be adjourned on Tuesday due to lack of quorum, sources said. The meeting could not proceed because Sir Dorabji Tata Trust and Sir Ratan Tata Trust, which jointly nominate a representative, were not present, they said. The AGM had been considered significant because it fell within a week of current Tata Sons chairman N. Chandrasekaran opting out of reappointment after his term ends next February.
Asian markets were mixed. South Korea's Kospi and Japan's Nikkei 225 settled lower. Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended marginally higher. European markets were trading on a mixed note. U.S. markets ended in negative territory on Monday.
"Indian equity markets extended their losing streak to a sixth consecutive session on Tuesday, tracking weakness across global markets as rising crude oil prices and a sharp sell-off in U.S. Treasuries weighed on investor sentiment," said R. Ponmudi, CEO of Enrich Money, an online trading and wealth tech firm. Fading hopes of a diplomatic breakthrough in the Middle East dampened risk appetite, he added.
On Monday, the Sensex had declined 281 points, or 0.36%, to 77,728.16, and the Nifty had fallen 78 points to 24,287.65, marking a fifth straight loss.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.