Sensex and Nifty Extend Losses as Oil Prices and Geopolitical Tensions Weigh on Markets

Indian stock markets extended declines on Tuesday, September 8, with the BSE Sensex dropping 555.23 points to close at 75,577.58 and the NSE Nifty 50 falling 144.05 points to 23,635.10—their lowest levels since mid-June.

Banking and financial stocks led the selloff, with SBI Life Insurance, ICICI Bank and Axis Bank among the top Nifty losers. The Nifty Private Bank and Nifty Financial Services indices recorded steep declines, while pharmaceutical and healthcare stocks outperformed. Broader markets showed greater resilience, with Nifty MidCap gaining 0.21% and Nifty SmallCap advancing 0.17%.

Elevated crude oil prices—Brent crude remaining around $97 a barrel—combined with geopolitical tensions kept investors cautious. The Indian rupee weakened 0.29% to 94.81 against the US dollar. Market experts expect volatility to persist, with defensive sectors like healthcare, telecom and FMCG likely to offer resilience.