Mumbai, July 23: Indian benchmark equity indices Sensex and Nifty extended their losing streak to a fourth consecutive session on Thursday as escalating US-Iran tensions pushed global crude oil prices higher, dampening investor sentiment.
Market participants remained cautious amid concerns that sustained increases in crude prices could raise inflationary pressures, widen India’s import bill, and impact corporate earnings, particularly in sectors heavily dependent on fuel.
Selling pressure was witnessed across several sectors as investors reacted to geopolitical developments in West Asia and their potential impact on the global economy. Analysts said heightened uncertainty prompted a risk-off approach in the markets.
India, which imports a significant share of its crude oil requirements, remains sensitive to fluctuations in global energy prices. A prolonged rise in oil prices could increase input costs for businesses and pose challenges for the country’s macroeconomic outlook.
Despite the near-term volatility, market experts noted that domestic economic fundamentals remain resilient, with investors expected to closely track geopolitical developments, crude price movements, and global market cues in the coming days.