The SENSEX Index Closes 0.49% Lower

India’s BSE Sensex ended about 0.5% down at 76,570 on Wednesday, its lowest level since July 24, extending losses for the third session. Investors remained cautious as rising hostilities between the US and Iran continued to exert upward pressure on international oil prices. The US carried out overnight airstrikes on targets in Iran, prompting retaliation from Tehran in the most serious escalation of tensions between the two countries in weeks. The crude rally pushed global bond yields higher, reflecting growing concerns that sustained inflationary pressures could keep central banks from easing policy or force them to tighten further. Asian Paints, HDFC Bank and Mahindra & Mahindra were the biggest laggards, each falling around 1.6%. Other top losers included HCL Technologies (-1.5%), BEL (-1.3%), Infosys (-1.3%), SBIN (-1.2%) and airline operator IndiGo (-1%). Among the gainers, Adani Ports rose 1.6% after the company reported its highest ever monthly cargo volume.

The SENSEX Index dropped 374 points or 0.49 percent on Wednesday to close at 76570 points. Losses were led by Mahindra & Mahindra (-2.09%), Asian Paints (-1.86%) and Infosys (-1.86%). Offsetting the fall, top gainers were Adani Ports (1.41%), Power Grid (1.23%) and Tata Motors (0.65%).

India’s BSE Sensex fell about 0.8% to 76,339 on Wednesday, hitting its lowest level since July 24, as escalating US-Iran tensions pushed oil prices higher and triggered a broad selloff. Brent crude rose about 1% to $95.40 a barrel after briefly touching a near six-week high, as renewed US-Iran military strikes heightened fears of supply disruptions. The jump in crude also pushed global bond yields higher, with investors increasingly concerned that persistent inflation could delay monetary easing or prompt higher interest rates. The rupee also came under pressure as higher oil prices tested recent gains supported by RBI intervention and dollar selling by foreign banks. Meanwhile, ICICI Bank said it had mobilised $17.88 billion under the RBI’s FCNR scheme through August 31, boosting dollar inflows that could help ease pressure on the rupee as oil prices rise. Notable laggards included HDFC Bank (-1.2%), Infosys (-1.3%), Reliance (-0.6%), ICICI Bank (-0.8%), and TCS (-1.0%).