Indian Stock Market Declines for Second Consecutive Day Amid Crude Price Surge
The Indian stock market experienced its second consecutive day of declines on Wednesday due to rising crude oil prices and selling pressure on Tata Group stocks. The BSE Sensex fell by 187.90 points (0.24%) to settle at 77,966.35, while the NSE Nifty dipped 35.75 points (0.15%) to end at 24,435.95.
The main culprit behind the decline was Tata Group stocks, which came under pressure after Tata Sons Chairman N Chandrasekaran announced he would not seek reappointment when his current term ends on February 20, 2027. This decision weighed heavily on investors' sentiment and led to significant selling in these stocks.
The elevated crude oil prices also contributed to the decline, with Brent crude testing the $90/barrel level. Analyst Vinod Nair, Head of Research at Geojit Investments, noted that markets remained on edge ahead of key inflation readings in India and the US, with policymakers underscoring a data-driven approach amid heightened global uncertainty.
The day's trading saw significant selling pressure on Tata Group stocks, with TCS being the biggest laggard among Sensex stocks, dropping 3.71 per cent. Other losers included Mahindra & Mahindra, Tata Steel, Larsen & Toubro, Eternal, and Infosys.