Indian Indices Fall for Second Straight Session on Rising Crude Prices
The Indian benchmark indices, Nifty and Sensex, declined for a second consecutive session on September 8. The decline was driven by heavy selling in banking and insurance stocks as Brent crude crossed $100 a barrel.
The Nifty index fell below the 23,650 mark, closing at 23,635.10, down 144.05 points from the previous day. The Sensex declined 555.23 points to close at 75,577.58, its lowest level since mid-June.
The decline in financial stocks was led by SBI Life, ICICI Bank, and Axis Bank, which fell sharply due to escalating Middle East tensions and rising crude prices. However, some sectors provided support, including Pharma, FMCG, and Energy stocks, with Bharat Electronics leading the gains as investors rotated into defensive and quality large-cap names.