India's Sensex and Nifty Extend Losing Streak as Crude Oil Surge Hits Sentiment

Indian equities extended their decline to a fifth consecutive session on July 24, pressured by a sharp rise in global crude oil prices and continued selling by foreign investors. The BSE Sensex fell about 332 points to close near 76,060, while the Nifty 50 dropped around 102 points to settle below 23,800, breaching a closely watched support level as automobile and metal shares led the losses. Sentiment soured as Brent crude climbed toward $100 a barrel amid intensifying tensions in the Middle East, raising concerns about imported inflation and higher input costs for Indian companies. Foreign institutional investors remained net sellers, offloading shares worth roughly 3,000 crore rupees in recent sessions, though domestic institutions provided some cushion by buying into the weakness. Market volatility, as measured by the India VIX, rose, reflecting cautious positioning. The banking index proved relatively resilient even as the broader market slipped. The pullback comes during a busy first-quarter earnings season, with investors focused on corporate results and management commentary to gauge whether the market's earlier rally is supported by fundamentals.