Indian Stock Market Slumps Amid Sharp Spike in Brent Crude Oil Prices
The Indian stock market experienced losses on August 11, 2026, with the Nifty 50 and Sensex indices declining by 0.54% and 0.53%, respectively. The sharp spike in Brent crude oil prices to near $87.9 per barrel contributed significantly to this selloff.
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the frontline indices declined below their two-session lows due to the increase in crude oil prices. He identified key support levels for the Nifty at 24,360-24,340 and resistance at 24,530-24,550.
The market breadth was negative, with 1,933 stocks advancing and 2,168 declining. The IT sector outperformed, while private banks were among the worst performers. Dr. Reddy's Laboratories led the gainers, rising 2.61% to ₹1,189.10.