Mumbai, Oct 22:Indian equity markets extended their losing streak for a third consecutive session on Thursday, with the Sensex falling over 460 points and the Nifty slipping below the 22,700 mark as rising crude oil prices and escalating geopolitical tensions dampened investor sentiment.

The BSE Sensex closed at 73,249.39, down 460.30 points or 0.62% from its previous close of 73,709.69. The NSE Nifty settled at 22,687.65, declining 123.70 points or 0.54% from the previous close of 22,811.35.

Selling was widespread across the market, with all broad-market indices ending in red. Among sectoral indices, media stocks led the losses, falling over 2%, followed by FMCG, mid- and small-cap IT and telecom, and IT stocks.

On the BSE, Bajaj Finance, Larsen & Toubro (L&T), ICICI Bank, State Bank of India (SBI), Sun Pharma, Bharti Airtel, NTPC, Kotak Mahindra Bank and Adani Ports were among the major gainers.

Eternal, Tech Mahindra, Trent, Bharat Electronics (BEL), Power Grid, Maruti Suzuki, TCS, HCL Technologies, Titan, Mahindra & Mahindra and Tata Steel were among the key laggards.

On the NSE, Bajaj Finance, Cipla, ICICI Bank, Bajaj Auto, Sun Pharma, SBI, BSE, Grasim Industries and Axis Bank were among the stocks that advanced. Nestle India, Eternal, BEL, HDFC Bank, Reliance Industries, TMPV, HDFC Life, Trent, Power Grid, TCS and IndiGo were among the major losers.

Rising crude prices weigh on sentiment

Market participants remained concerned about the impact of higher oil prices on India's inflation outlook and corporate profitability. Brent crude prices climbed towards $113 per barrel amid escalating tensions in the Middle East, raising concerns over imported inflation and pressure on corporate margins.

At the time of reporting, Brent crude was trading at around $111.82 per barrel, while crude oil was quoted at approximately $99.45 per barrel.

Ajit Mishra, Senior Vice President of Research at Religare Broking, said global and domestic macroeconomic concerns continued to weigh on investor sentiment. He highlighted the rise in Brent crude prices amid geopolitical tensions as a key concern for an oil-import-dependent economy such as India. ANI reported Mishra as saying that higher oil prices could increase inflationary pressures and weigh on corporate margins.

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Market analyst Vipin Dixena said the sell-off reflected broad-based investor caution rather than profit booking alone. According to him, 15 of the 16 major sectoral indices ended lower, indicating the extent of weakness across the market.

Dixena noted that sustained Brent crude prices above $110 per barrel could pose a significant macroeconomic challenge for India, which relies heavily on imported oil. Persistently high prices could push up inflation, squeeze corporate profitability and complicate the outlook for interest rates.

He also advised investors to focus on the underlying strength of companies rather than making decisions solely on the basis of recent stock price declines. Businesses with strong balance sheets, healthy cash flows, pricing power and manageable debt are better placed to withstand a prolonged period of market volatility, he said. (With ANI inputs)