The Indian stock market today ended sharply lower on Tuesday, September 8, as elevated crude oil prices, geopolitical tensions and concerns over US interest rates weighed on investor sentiment. The BSE Sensex declined 555.23 points, or 0.73%, to 75,577.58, while the NSE Nifty 50 fell 144.05 points, or 0.61%, to 23,635.10 at the close.

Key Highlights

• Indian stock market ended lower as Sensex fell 555 points amid crude oil and geopolitical concerns.
• Nifty declined 144 points, while FII selling and US rate concerns added pressure on equities.

The selling pressure came after the benchmarks had already declined in the previous session. Investors remained cautious amid uncertainty surrounding the US-Iran conflict and the reopening of the Strait of Hormuz, while rising crude prices added to market concerns.

Sensex and Nifty Extend Losses as Key Stocks Decline

Heavyweight stocks led Sensex and Nifty enxtend losses. ICICI Bank fell Rs 28.10 to Rs 1,399, while Axis Bank declined Rs 21.10 to Rs 1,245. UltraTech Cement dropped Rs 166 to Rs 11,009, and Larsen & Toubro declined Rs 52.91 to Rs 3,946.

Reliance Industries fell Rs 14.60 to Rs 1,295, while HDFC Bank declined Rs 7.50 to Rs 703. Other major losers included Maruti Suzuki, Tata Steel, Asian Paints and Trent.

SBI Life emerged as the biggest loser on the NSE, declining Rs 35.41 to Rs 1,697. The broader selling pushed the Nifty 50 0.61% lower by the close.

BEL and HUL Among Stocks That Gained

Despite the weak market, some stocks managed to close higher. BEL led the NSE gainers, rising Rs 6.56 to Rs 410.55, while Hindustan Unilever (HUL) gained Rs 20 to Rs 1,980. ONGC, Eicher Motors and Adani Ports SEZ also advanced.

On the BSE, BEL and HUL were among the leading gainers, while Adani Ports SEZ, Eternal, SBI and ITC also ended higher.

Crude Oil and US-Iran Conflict Weigh on Sentiment

Crude oil prices remained a key concern for investors. Brent crude rose 0.05% to $97.05 a barrel, while US West Texas Intermediate (WTI) crude gained 1.03% to $92.42 a barrel.

The ongoing US-Iran conflict and uncertainty surrounding the Strait of Hormuz have raised concerns over global energy supplies. Market participants are also factoring in a risk premium because of potential disruptions to crude shipments.

The rupee also remained under pressure, falling 10 paise to Rs 94.66 against the US dollar in early trade as higher crude prices and Middle East tensions affected sentiment.

Also Read: Weekly Stock Market: Nifty and Sensex Fall for Fourth Straight Week

Global Cues and Fed Rate Outlook in Focus

Asian markets delivered mixed signals, with South Korea’s Kospi and Japan’s Nikkei gaining, while Hong Kong and Australia declined.

Investors are also tracking expectations around US Federal Reserve policy, foreign institutional investor flows and movements across sectors including IT, metals, realty, oil and gas.

Foreign institutional investors sold Indian equities worth Rs 3,111.94 crore, adding to the pressure on Indian stock market.