Sensex, Nifty Extend Losing Streak To Third Day As Rising Oil Prices Weigh On Sentiment

Sensex and Nifty indices extended their losing streak to a third consecutive session on Thursday, as rising crude oil prices heightened inflation concerns and dampened investor sentiment.

The Sensex fell 460.30 points, or 0.62 per cent, to close at 73,249.39. The Nifty declined 123.70 points, or 0.54 per cent, to settle at 22,687.65.

Market analysts said the Nifty closed above its 200-week moving average (WMA) after the CAS session, but its overall price structure and sentiment remained weak.

The index faced strong selling pressure near its 20-day moving average (DMA) and failed to sustain gains above this resistance level.

Analysts advised investors to review long positions accumulated during the recent recovery if the index closes below 22,600 and its 200-WMA.

They identified 22,800, around the 20-DMA zone, and 23,000 as immediate resistance levels, while 22,600 remained a crucial support.

Selling pressure affected several sectors, with information technology, fast-moving consumer goods (FMCG) and media stocks leading the declines. Pharmaceutical stocks bucked the trend, as the Nifty Pharma index ended higher.

Among Nifty constituents, Nestle India, Eternal and HDFC Life Insurance Company emerged as the session’s biggest losers.

Broader markets followed the downward trend. The Nifty MidCap 100 fell 0.87 per cent, while the Nifty SmallCap 100 dropped 1.17 per cent.

Meanwhile, the rupee weakened by around 30 paise to 94.81 against the dollar as crude oil prices remained above $110 and secondary-market weakness weighed on the currency.

Analysts expect geopolitical developments and crude oil movements to influence the rupee, which they see trading within the 94.45–95.25 range.

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