Indian Equity Market Continues Downward Trend Amid Crude Oil Concerns

The Indian equity market continued its downward trend on Wednesday, extending its losses to seven consecutive sessions. The benchmark Sensex dropped by 325.78 points, or 0.42 per cent, to settle at 76,909.68. This marks a decline of 1,170.28 points, or 1.49 per cent, in the last four days.

The Nifty also declined, falling 76.60 points, or 0.32 per cent, to end at 24,078.30. It has tumbled 505.5 points, or 2 per cent, in the last seven sessions.

The elevated crude oil prices and lack of a diplomatic resolution following the US-Iran ceasefire are driving concerns over energy supplies, according to Vinod Nair, Head of Research at Geojit Investments Ltd.

Among sectoral indices, Power lost 1.69 per cent, followed by Capital Goods (1.59 per cent), Utilities (1.25 per cent), Industrials (1.15 per cent), Hospitals (0.89 per cent), Energy (0.68 per cent) and Commodities (0.62 per cent).