Indian Stock Market Slides for Fifth Straight Session Amid Rising Oil Prices

The Indian stock market, as represented by the Nifty index, continued its downward trend for the fifth consecutive session. The decline was driven in part by the rise in brent crude prices to over $91 per barrel, a level that has sparked concerns about inflation and economic growth. This increase in oil prices is also having a ripple effect on global markets, with emerging economies like India feeling the pinch.

The Nifty index closed at 24,154, down 133 points from the previous day's close, while the Sensex fell by 493 points to 77,235. The top losers in the Sensex pack included Asian Paints, Infosys, and HCL Technologies, which all declined by more than 2%.

Analysts point to weak global cues as a major contributor to the decline in the Indian market. Sunny Agrawal of SBI Securities noted that 'Benchmark indices traded in the red throughout the day following weak global cues.'

Vatsal Bhuva, Technical Analyst at LKP Securities, also weighed in on the market's performance, stating that 'Bank Nifty closed with a small candlestick on the daily chart, remaining below both its 200-DMA and 50-DMA, indicating a cautious to slightly bearish bias.'