Indian stocks fell for a third session Thursday, PTI reported, as market coverage pointed to oil prices, rupee weakness and inflation-related rate concerns weighing on the benchmarks.
The Sensex reached 73,005.11 after losing 704.58 points during the session, then finished at 73,249.39, down 460.30 points, or 0.62%. The Nifty 50 touched 22,554.85 and settled at 22,687.65, lower by 123.70 points, or 0.54%, PTI reported. The decline extended the previous session's losses, when Indian stocks also ended lower.
Higher energy costs are significant for India, which Reuters ranks third worldwide among crude importers. Reuters reported Brent traded above $110 a barrel amid escalating tensions in the Middle East. Sanjeeb Hota, director and head of strategy of equities at Standard Chartered India, told Reuters that dearer crude could push up inflation and trim corporate margins.
The rupee closed provisionally at ₹94.82 per U.S. dollar, down 44 paise. PTI linked the currency's move to weak domestic equities and rising crude prices.
Minutes published Oct. 21 show the Reserve Bank of India (RBI) Monetary Policy Committee unanimously raised the repo rate by 25 basis points to 5.50% at its Oct. 5-7 meeting. The minutes project inflation at 5.2% for fiscal 2026-27 and 6% in the October-December quarter. Two members favored a neutral stance; Deputy Governor Poonam Gupta said policymakers might need another rate increase to contain inflation and stabilize expectations.
PTI listed Bajaj Finance and UltraTech Cement among the Sensex's gainers; Reliance Industries, Eternal and HDFC Bank were among its laggards. The Fed's next policy meeting is scheduled for Oct. 27-28, followed by the RBI committee's meeting on Dec. 2-4.
