Sensex, Nifty extend losses for third day as crude near $100, weak global cues weigh; banks, IT drag

Share Market Today: Sensex, Nifty Update

• Sensex and Nifty drop for third consecutive session on weak sentiment
• Crude oil prices near $100 per barrel fuel inflation concerns
• FII selling and global tensions drive market volatility higher

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Indian equity benchmarks opened lower on Friday, extending their losses for a third consecutive session, as elevated crude oil prices, weak global markets and persistent foreign institutional investor (FII) selling continued to weigh on sentiment. At 09:16 am, the Sensex was down 600 points or 0.8 percent at 75,434, while the Nifty slipped 182 points to 23,457. Market breadth remained negative, with 1,264 shares declining against 837 advances on the NSE.

The weakness comes after the market ended sharply lower on Thursday. The Sensex had fallen 829 points while the Nifty dropped 227 points, as escalating geopolitical tensions pushed crude oil prices above the psychologically important $100 per barrel mark.

Global cues remained weak. US stocks fell sharply overnight, with the Dow Jones declining more than 700 points, while the S&P 500 and Nasdaq also posted losses exceeding 1.5 percent, amid fears that the intensifying Iran conflict could disrupt global energy supplies and fuel inflation. Asian markets followed the negative lead in early trade on Friday, tracking the Wall Street sell-off and concerns over elevated oil prices.

Crude prices eased slightly in early Friday trade but remained near critical levels. Brent crude was trading around $99.75 per barrel, while WTI crude hovered near $94.85, keeping investors cautious about inflation risks and global economic growth.

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Back home, continued institutional selling also weighed on the market. Foreign institutional investors sold equities worth over Rs 7,000 crore in the previous session, while domestic institutional investors bought around Rs 7,500 crore, providing some support to the market. 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.

Sectorally, weakness was visible across most segments in early trade. The Nifty IT index fell 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.

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.

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

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the sharp rise in crude oil prices and the ongoing geopolitical uncertainty are keeping equity markets under pressure. “With Brent crude around $100, bulls are on the defensive. Sustained FII selling and weakness in global markets are weighing on even largecap bluechips,” he said.

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.

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