The BSE Sensex fell 160 points in opening trade, leaving the NSE Nifty50 below 24,350, according to The Times of India's live market updates. The equity decline unfolded as oil prices slipped more than $1 a barrel after major forecasters cut their 2026 global oil demand projections, citing disruptions caused by the US-Israeli war on Iran.
Oil prices slip on demand forecast cuts
The Times of India reported that Brent crude futures declined $1.29, or 1.5%, to $87.69 a barrel, while US West Texas Intermediate (WTI) crude fell $1.20, or 1.2%, to $82 a barrel. The decline came after crude had remained close to the $90 mark, keeping energy costs in focus for financial markets. However, concerns over potential supply disruptions linked to the conflict continued to offer some support to prices. For India, softer crude prices could provide some relief by reducing pressure on import costs, inflation expectations and the rupee, although geopolitical risks remain a key factor for the oil market, according to the report.
Rupee firms up slightly against the US dollar
The Indian rupee ended slightly stronger at 95.33 against the US dollar, gaining three paise from its previous close, according to The Times of India. The currency opened at 95.40 and moved between 95.24 and 95.43 during the session. The dollar index was around 99.85, while Brent crude remained close to the $89-a-barrel level. The currency remained under pressure from elevated crude prices and uncertainty in global markets.
US inflation data in focus for Fed rate path
According to The Times of India, traders were watching US inflation data closely for clues on the Federal Reserve's interest-rate path. Amit Pabari, Managing Director of CR Forex Advisors, said a stronger-than-expected US CPI reading could lift expectations of a rate hike, supporting the dollar and putting additional pressure on the rupee. A softer inflation reading, on the other hand, could ease pressure on the currency.
Previous session: Sensex and Nifty close lower
Indian equities ended lower in the previous session, with the Sensex falling 187.90 points, or 0.24%, to 77,966.35 and the Nifty declining 35.75 points, or 0.15%, to 24,435.95, The Times of India reported. The decline marked the second consecutive session of losses for the Sensex. The market saw sharper selling during the session, with the 30-share index falling as much as 656 points before recovering some ground towards the close.
| Index | Previous Close | Change (points) | Change (%) |
|---|---|---|---|
| BSE Sensex | 77,966.35 | -187.90 | -0.24% |
| NSE Nifty50 | 24,435.95 | -35.75 | -0.15% |
Large-cap movers: Tata Group stocks lead decline
Large-cap stocks remained under pressure, led by TCS and other Tata Group companies, according to The Times of India. The major losers included:
- Mahindra & Mahindra
- Tata Steel
- Larsen & Toubro
- Eternal
- Infosys
Meanwhile, SBI, Bharti Airtel, UltraTech Cement and Power Grid ended higher. The mixed performance reflected cautious investor sentiment amid several domestic and global uncertainties.
Analysts: Crude and inflation drive market sentiment
Elevated crude oil prices and uncertainty around global developments were weighing on investor sentiment, analysts told The Times of India. Vinod Nair of Geojit Investments said markets remained on edge ahead of key inflation readings in India and the US, with investors closely watching the data for clues on the future direction of monetary policy. He also pointed to the rise in crude prices towards the $90-a-barrel level as a factor behind the risk-off mood. Hariselvan Radhakrishnan of HST Wealth added that the rebound in crude had overshadowed supportive signals from Asian markets and raised concerns about the inflationary impact of higher energy costs. With US-Iran developments and shipping through the Strait of Hormuz still important for oil markets, energy prices could continue to influence risk appetite, according to the report.
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