Oil Prices Fuel Seventh Consecutive Decline for India's Nifty Index
The Bombay Stock Exchange's benchmark indices, Sensex and Nifty, plummeted on August 19, 2026, as rising crude oil prices continued to unnerve investors. The elevated crude oil prices are attributed to a lack of diplomatic resolution following the end of the U.S.-Iran ceasefire.
The Sensex closed at 76,909.68, down 325.78 points or 0.42%, marking its fourth day of decline. In the last four days, it has lost 1,170.28 points or 1.49%. The Nifty also declined for the seventh consecutive day, settling at 24,078.30 after losing 76.60 points or 0.32%.
Among Sensex stocks, Power Grid, Bajaj Finance, Larsen & Toubro, ITC, Hindustan Unilever, and Reliance Industries were major laggards. However, HCL Tech, Eternal, Kotak Mahindra Bank, and Sun Pharma managed to end as winners.
Brent crude, the global oil benchmark, jumped 1.04% to $91.97 per barrel. Market expert Vinod Nair from Geojit Investments Ltd. stated that markets turned cautious ahead of the release of U.S. FOMC minutes due to concerns about the Federal Reserve's battle against inflation.