Mumbai | Stock markets closed with losses for the fourth straight day on Thursday, with the benchmark Sensex falling by 363 points as a sharp jump in crude oil prices due to escalating tensions in West Asia hit investor sentiment.
The 30-share BSE Sensex declined 363.66 points, or 0.47 per cent, to settle at a month's low of 76,391.39, dragged by losses in blue-chip shares such as Reliance Industries, HDFC Bank, Bharti Airtel and Bajaj Finance. During the day, the index dropped 603.07 points, or 0.78 per cent, to a low of 76,151.98.
The 50-share NSE Nifty dipped 126.65 points, or 0.53 per cent, to end at a three-week low of 23,869.60, with realty, energy, and banking emerging as the biggest drags.
From the Sensex pack, Adani Ports was the biggest loser, dropping by 2.26 per cent. Bajaj Finance, InterGlobe Aviation, Axis Bank, State Bank of India and Tata Steel were among the major laggards.
Mahindra & Mahindra, Tata Consultancy Services, Eternal and Bajaj Finserv were among the winners from the pack.
"Indian equity markets extended their decline as escalating tensions between the US and Iran, a sharp rise in crude oil prices and renewed concerns over global AI spending weighed on investor sentiment," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Brent crude, the global oil benchmark, jumped 4.52 per cent to USD 98.32 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 819.20 crore on Wednesday after a day's breather, according to exchange data.
"With crude oil prices approaching the USD 100 per barrel amid concerns over further disruptions to global energy supplies, investor sentiment remained subdued as markets reassessed inflation risks and corporate margins," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Broader markets logged sharper losses, with the BSE SmallCap Select index tanking 1.10 per cent and MidCap Select index by 1.07 per cent.
Among sectors, Realty tanked the most by 1.78 per cent, followed by Services (1.63 per cent), Telecommunication (1.34 per cent), Power (1.25 per cent), Utilities (1.12 per cent), Commodities (1.07 per cent), Bankex (0.97 per cent) and PSU Bank (0.97 per cent).
Auto and Insurance were the gainers.
Market breadth was negative as a total of 2,684 stocks declined, while 1,556 advanced and 151 remained unchanged on the BSE.
"Markets remained under pressure on Thursday, extending their losing streak for the fourth consecutive session amid persistent geopolitical concerns. Investor sentiment remained subdued as Brent crude prices climbed above the USD 98 per barrel mark following fresh attacks on oil tankers in the Red Sea, intensifying concerns over supply disruptions," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
In four trading days, the BSE benchmark has tanked 1,760.06 points, or 2.25 per cent, and the Nifty declined 464.7 points, or 1.90 per cent.
In Asian markets, South Korea's KOSPI jumped 4.40 per cent. Japan's Nikkei 225, Shanghai's SSE Composite index and Hong Kong's Hang Seng index also ended higher.
Markets in Europe were trading lower. US markets ended in the negative territory on Wednesday.
On Wednesday, the Sensex tanked 715.06 points, or 0.92 per cent, to settle at 76,755.05. The Nifty declined 191.45 points, or 0.79 per cent, to end at 23,996.25.
