Stock markets tumble for second day amid oil price surge and West Asia tensions

For the second day in a row, India’s share markets trudged lower, with both the BSE Sensex and NSE Nifty ending in the red. The pull‑back was driven largely by a jump in global crude and fresh flare‑ups in West Asia that kept risk‑averse investors on the defensive.

The 30‑stock Sensex slipped 555.23 points, or roughly 0.73%, closing at 75,577.58. At one stage during the session it had briefly hit a trough of 75,553.35, a dip of 0.76% from the previous close. The broader 50‑stock Nifty wasn’t any better, ending 144.05 points down, about 0.61%, at 23,635.10.

Banking heavyweights bore the brunt of the sell‑off. Shares of ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank all drifted lower, pulling the index down further. Meanwhile, Reliance Industries and UltraTech Cement joined the list of laggards, as investors shrugged off even the usual defensive bets.

On the brighter side, a handful of stocks managed to buck the trend. Bharat Electronics, Adani Ports, Hindustan Unilever and InterGlobe Aviation posted modest gains, offering a thin cushion amid the gloom.

Crude oil was the biggest story on the commodities front. Brent crude jumped 1.45% to touch $98.36 a barrel, a level that has already been rattling markets worldwide. “Elevated oil prices combined with persistent geopolitical uncertainty have weighed heavily on sentiment,” said Ponmudi R, CEO of Enrich Money. “The market’s risk appetite remains subdued.”

Sectoral moves were mixed. While the Insurance and Top‑10 Banks indices fell around 1%, the Mid‑Cap Select index actually climbed 0.79%, and the Small‑Cap Select was essentially flat, slipping just 0.06%. Across the region, Asian peers such as South Korea’s Kospi, Japan’s Nikkei 225 and Hong Kong’s Hang Seng also closed lower, reflecting a broader risk‑off mood.