The Sensex shed 555.23 points to close at 75,577.58 on Tuesday, while the Nifty50 slipped below the 23,650 mark to settle at 23,635.10.
It marked the second consecutive day of declines for both indices, extending Monday’s 382-point fall linked to crude oil prices and Gulf tensions.
SBI Life Insurance Company, ICICI Bank and Axis Bank were the top drags on the Nifty50 during the session.
In contrast, the Nifty MidCap rose 0.21 percent and the Nifty SmallCap rose 0.17 percent, showing resilience in broader markets.
Rising crude oil prices and continuing geopolitical uncertainty remained the primary factors cited for the benchmark declines.
The broader markets showed a different pattern than the benchmark indices, with the Nifty MidCap rising 0.21 percent and the Nifty SmallCap rising 0.17 percent even as the Sensex and Nifty fell.
Rising crude oil prices directly affect India’s economy given the country’s heavy dependence on imported oil, which widens the trade deficit and pressures the rupee when prices climb.
TCS was among the IT stocks under pressure during Tuesday’s trade, as the sector remained sensitive to signals on US interest-rate policy.
The BSE Sensex and NSE Nifty are the two primary benchmark indices used to track the overall health of the Indian stock market, comprising the country’s largest listed companies by market capitalisation.
Foreign institutional investor selling has been a recurring theme in recent sessions, adding to the pressure from oil prices and geopolitical uncertainty.
Analysts have flagged continued volatility as long as Gulf tensions and crude oil supply concerns remain unresolved, with markets likely to stay reactive to fresh developments.
Deepa Jewellers was among the new listings debuting on the exchanges around the same period, drawing separate investor attention even as the benchmark indices declined.
Tuesday marked the second straight session of losses for the Sensex, following Monday’s 382-point decline that was also attributed to crude oil prices and Gulf tensions.
National Stock Exchange building, Mumbai, Wikimedia Commons, CC BY-SA 4.0
