India's Equity Indices Plunge to Six-Month Lows Amid Global Bond Yields and Geopolitical Tensions

Market weakness in India's equity indices has been driven by elevated global bond yields, foreign portfolio outflows, and geopolitical conflict in West Asia. The BSE Sensex settled near 71,910 while the NSE Nifty traded around 22,420, erasing six lakh crore rupees in investor wealth.

The financial year returns have turned negative due to this prolonged market weakness, which has been ongoing for eight consecutive weeks. This marks the longest weekly losing streak in 25 years.

In the energy sector, Indian Oil Corporation (IOC) procured two million barrels of Iraqi Basrah medium crude at a discount of 32 dollars per barrel amid transit disruptions through the Strait of Hormuz.