Indian Market Plunges as Brent Crude Surges Above $102
The Indian stock market suffered a significant setback on Thursday, September 24, 2026, as the benchmark indices Sensex and Nifty plummeted in early trade. The sharp spike in Brent crude prices above $102 per barrel weighed heavily on the market, with the U.S. 10-year bond yield rising to 5.11%.
The 30-share BSE Sensex tanked 632.68 points to 74,189.55, while the 50-share NSE Nifty dropped 216.15 points to 23,222.55. Among the top losers were Axis Bank, InterGlobe Aviation, Kotak Mahindra Bank, and HDFC Bank.
However, some stocks bucked the trend, with Tech Mahindra, Sun Pharma, HCL Tech, ICICI Bank, and Tata Consultancy Services showing gains. The National Stock Exchange (NSE) made its market debut on Thursday, with its ₹22,569 crore IPO receiving an overall subscription of 5.71 times.
Experts attributed the market's decline to the rising Brent crude prices and U.S. Treasury yields, which they believe will weigh on the market for some time. 'The sharp spike in Brent crude above $102 and the U.S. 10-year bond yield rising to 5.11% will weigh on the market today,' said V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.