The benchmarks extended losses for a fourth consecutive session, marking their longest losing streak since June 6, as higher Brent crude prices weighed on sentiment. The Nifty 50 fell 126.65 points, or 0.53%, to 23,869.60, while the Sensex declined 363.66 points, or 0.47%, to 76,391.39.
Crude prices moved higher after renewed hostilities in the Middle East heightened concerns about potential supply disruptions. Brent crude for September delivery climbed 2% to $95.99 a barrel, while U.S. West Texas Intermediate advanced about 1.7% to $88.27 a barrel.
The resurgence in oil prices has prompted investors to reassess the inflation outlook. A sustained rise in crude could make it more difficult for the Federal Reserve to ease monetary policy, even as markets await more corporate earnings to gauge the strength of business demand.
About the Author
