Indian Equity Benchmarks Extend Losses for Third Consecutive Session

Market Overview

Indian equity benchmarks extended their losses for a third consecutive session, weighed down by elevated crude oil prices, weak global markets, and persistent foreign institutional investor (FII) selling. At 09:16 am on Friday, the Sensex was down 600 points or 0.8 percent at 75,434, while the Nifty slipped 182 points to 23,457.

Market Breadth and Sectoral Performance

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Market breadth remained negative, with 1,264 shares declining against 837 advances. Sectorally, weakness was visible across most segments, with the Nifty IT index falling over 1 percent, while metal, auto, and banking stocks also traded lower. The Nifty Bank index declined around 0.9 percent, with private sector lenders among the key drags.

Individual Stock Performance

Among individual stocks, HDFC Bank was the top Nifty loser, falling around 1.7 percent. Other laggards included Larsen & Toubro, Tata Steel, HCL Technologies, Tech Mahindra, and InterGlobe Aviation, which declined between 1 percent and 1.6 percent.

Gaining Stocks

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On the gaining side, Coal India, NTPC, and Reliance Industries managed modest gains, supported by strength in energy-linked counters amid elevated oil prices.

Global Cues and Crude Oil Prices

Global cues remained weak, with US stocks falling sharply overnight, amid fears that the intensifying Iran conflict could disrupt global energy supplies and fuel inflation. Crude prices eased slightly in early Friday trade but remained near critical levels, with Brent crude trading around $99.75 per barrel, while WTI crude hovered near $94.85.

Institutional Selling and Rupee Performance

Continued institutional selling also weighed on the market, with foreign institutional investors selling equities worth over Rs 7,000 crore in the previous session. The Indian rupee also weakened, opening at 92.35 per dollar, compared with the previous close of 92.19, reflecting pressure from rising crude prices and global risk aversion.

Market Volatility

Market volatility remained elevated, with the India VIX rising close to 1 percent, reflecting continued investor caution amid geopolitical tensions and uncertainty around global energy markets. Analysts said the near-term direction of Indian equities will largely depend on developments in the Middle East conflict, crude oil price trends, and institutional investor flows. Volatility is expected to remain high in the short term.