Sensex sinks nearly 900 points, Nifty slips below 23,600 as oil fears mount

Indian equity benchmarks extended losses on Tuesday afternoon, with the Sensex tumbling nearly 900 points and the Nifty 50 slipping below the 23,600 mark, as currency weakness, sustained foreign outflows and global crude oil concerns rattled investor sentiment.

At 12:20 pm, the BSE Sensex was trading at 75,113.24, down 902.04 points or 1.19 per cent from its previous close of 76,015.28. The index opened weaker at 75,688.39 and slipped further to an intraday low of 75,069.95.

The NSE Nifty 50 mirrored the decline, falling 244 points or 1.02 per cent to 23,571.85, compared with its previous close of 23,815.85. The index oscillated between 23,551.30 and 23,757.55 during the session.

Rupee at record low adds pressure

The market downturn came against the backdrop of a fresh record low in the Indian rupee, which has been under sustained pressure from rising crude oil prices, persistent foreign portfolio investor (FPI) outflows, and weakening risk appetite amid geopolitical tensions in West Asia.

The currency’s slide has intensified concerns over imported inflation and current account pressures, with oil-linked sectors and financials bearing the brunt of investor caution.

IT, financial stocks lead losses

Heavyweight information technology stocks emerged as the biggest drag on the indices. Tata Consultancy Services fell 4.52 per cent, while Infosys dropped 4.46 per cent and HCLTech lost 4.18 per cent. Tech Mahindra also declined sharply, shedding 3.90 per cent.

Financial stocks added to the pressure, with HDFC Bank down 1.07 per cent, ICICI Bank falling 1.64 per cent, and State Bank of India slipping 0.52 per cent.

Among other large-cap names, Reliance Industries declined 0.39 per cent, while ITC Limited and Hindustan Unilever were also in the red.

Select gainers cushion broader fall

Despite the broad-based selloff, a few stocks managed to stay in positive territory. Oil and Natural Gas Corporation surged over 5 per cent, supported by elevated crude prices. Bharti Airtel, Tata Steel and NTPC Limited also posted modest gains, offering limited cushion to the benchmarks.

Macro headwinds weigh on sentiment

The market weakness reflects a confluence of global and domestic pressures. The rupee’s slide to a fresh all-time low has heightened concerns over imported inflation, particularly as crude oil prices remain elevated due to ongoing geopolitical tensions in West Asia.