Indian Markets Slide: Rupee, Oil Prices Drag Stocks Down

Indian equity benchmarks experienced a third consecutive session of declines on Wednesday, pushing the Nifty below the 24,000 mark. This downward trend was primarily influenced by escalating crude oil prices and a significant depreciation of the Indian rupee. Profit-booking in heavyweight stocks further contributed to the pressure on the market.

Broader indices mirrored the weakness seen in the frontline indices. Sectorally, pharmaceutical, banking, and IT stocks bore the brunt of the selling, while Fast-Moving Consumer Goods (FMCG) and auto sectors managed to remain resilient. Among individual stocks, Bandhan Bank experienced a sharp fall of 16% following a cautious outlook provided by its management, impacting investor sentiment.

The S&P BSE Sensex closed down 715.06 points at 76,755.05, while the Nifty 50 index shed 191.45 points to end at 23,996.25. Over the preceding three sessions, the Sensex had lost 1.78% and the Nifty had slipped 1.38%. The market breadth indicated weakness, with a greater number of shares declining than advancing on the BSE.

In commodities, Brent crude for September 2026 settlement saw a notable increase, adding $3.76 to $94.77 a barrel. Concurrently, the Indian rupee weakened against the dollar, trading at 96.5900. In global markets, European indices showed gains, supported by easing UK inflation, while Asian shares ended mixed. Wall Street experienced a decline overnight, influenced by rising oil prices and Middle East tensions.