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Sensex, Nifty Extend Losing Streak to Fifth Session as Crude Prices Weigh on Sentiment

Indian equity markets remained under pressure on Monday, with the benchmark indices closing lower for a fifth consecutive session. Although both Sensex and Nifty recovered significantly from their intraday lows, persistent concerns over elevated crude oil prices continued to weigh on investor sentiment.

The BSE Sensex settled at 77,728.16, down 281.09 points, or 0.36%. The index had slipped to an intraday low of 77,453.75 before recovering 274.41 points. It opened at 77,892.92 and touched a high of 77,928.68 during the session.

The NSE Nifty ended at 24,287.65, declining 78.35 points, or 0.32%. It recovered about 60.70 points from its session low of 24,226.95.

The broader market held up relatively better. The Nifty Midcap 100 edged up 0.05%, while the Nifty Smallcap 100 advanced 0.36%. India VIX rose 0.44% to 11.36, signalling a modest increase in volatility.

IT, FMCG Under Pressure; Metals and Realty Outperform

Sectoral trends were mixed. Nifty IT emerged as the biggest laggard, falling 1.75%, while the FMCG index declined 1.05%. Nifty Healthcare, Consumer Durables, MidSmall Financial Services and PSU Bank indices also finished lower.

In contrast, Nifty Realty jumped 1.46% and Nifty Metal gained 1.26%. Media, Private Bank and Oil & Gas stocks also ended in positive territory.

Among Sensex constituents, Tata Steel, Axis Bank, Reliance Industries, BEL and HDFC Bank were among the prominent gainers. Infosys, HCLTech, Sun Pharma, TCS and Tech Mahindra were among the stocks facing selling pressure.

Crude Oil Remains Key Concern

Market sentiment continues to be influenced by movements in crude oil, particularly amid unresolved geopolitical tensions in the Gulf region.

Hariselvan Radhakrishnan, founder and CEO of HST Wealth, said Indian equities extended their losing run despite recovering from intraday lows. He noted that Asian markets were largely positive, with Hong Kong leading the regional gains on the back of technology stocks, while Shanghai and Tokyo also advanced.

European markets remained broadly steady, balancing expectations of a potentially less restrictive US monetary policy against concerns over elevated energy prices.

Radhakrishnan said buying interest was visible in automobile, metal and realty stocks, while IT, PSU banks, FMCG and financial stocks remained under pressure. IT was the weakest-performing major sector and weighed on the benchmark indices.

He added that softer US economic data has strengthened expectations of a less restrictive Federal Reserve, but sustained crude oil prices remain a major risk for Indian equities. As one of the world’s major oil importers, India remains particularly exposed to higher energy costs.

Nifty Support Levels in Focus

From a technical perspective, the Nifty once again tested the 24,325 support zone and managed to hold above it as buying emerged near the day’s lows.

According to Radhakrishnan, the level has been defended repeatedly over the past six sessions, making it an important near-term support area.

As long as the Nifty stays above 24,265, the technical setup remains supportive of a buy-on-dips approach. A decisive close below that level, however, could weaken the near-term trend and shift the market towards a sell-on-rallies strategy.

A sustained break could open the way towards 24,200, followed by the psychologically significant 24,000 mark.

Earnings Provide Some Cushion

Vinod Nair, head of research at Geojit Investments, said higher energy-related input costs are continuing to influence market sentiment. At the same time, stronger-than-expected Q1FY27 earnings, supported by pricing actions and volume growth, could lead to earnings upgrades in the coming quarters.

Nair cautioned that the profitability boost from low-cost inventory may not be fully sustainable. As companies replenish stocks at higher costs, margin expansion could come under pressure in Q2FY27.

Against this backdrop, investors are increasingly focusing on companies and sectors with stronger earnings visibility, particularly within the mid- and small-cap space.

Bond Yields Rise

On the domestic front, bond yields moved higher amid elevated crude prices and the Reserve Bank of India’s decision to bring forward the closure of the FCNR(B) deposit window.

Globally, a weaker US dollar and softer consumer data have reduced concerns about aggressive near-term monetary tightening and provided some support to longer-term risk appetite.

For Indian equities, however, the combination of high crude prices, persistent sectoral weakness and key technical levels means market participants are likely to remain cautious in the near term.