Sensex and Nifty Fall for Fourth Straight Session as Oil and Rupee Weigh

Indian equity benchmarks fell for a fourth consecutive session on Thursday as rising crude oil prices, geopolitical tension and weak global cues kept investors cautious. The Sensex closed down 363.66 points, or 0.47%, at 76,391.39, while the Nifty declined 126.65 points, or 0.53%, to settle at 23,869.60. Market breadth was decisively negative, with 2,479 shares declining against 1,569 advancing and 155 unchanged, and both the midcap and smallcap indices fell around 1%, showing that selling pressure extended well beyond the large-cap benchmarks. IndusInd Bank was among the sharpest decliners, while Tata Consultancy Services and Mahindra and Mahindra provided some support as the auto index outperformed. The climb in oil prices also pressured the Indian rupee, which hovered near a record low against the US dollar, adding to concerns about higher import costs and their effect on corporate profitability. Weaker-than-expected quarterly earnings compounded the mood, with Infosys and InterGlobe Aviation both under pressure after softer results. Trading on July 24 remained subdued, with the volatility index climbing further.