Indian Equities Extend Losses on Tuesday as Oil Fears, Weak Rupee Hit Sentiment
Indian benchmark indices extended losses on Tuesday as selling pressure deepened across sectors amid concerns over a prolonged oil shock and weak global cues.The BSE Sensex fell 1,456.04 points, or 1.9%, to close at 74,559.24, while the NSE Nifty 50 dropped 436.30 points, or 1.8%, to settle at 23,379.55.Markets saw sharp pressure as technology stocks weakened and the rupee slipped to fresh lows, adding to already fragile sentiment. Investors also stayed cautious amid uncertainty around the U.S.-Iran conflict, while expectations of prolonged disruption in crude supply kept energy-related risks elevated.Rising Brent oil prices and discussions around domestic austerity measures further weighed on risk appetite.In corporate developments, Dynamic Cables (NSE:DYCL, BOM:540795) reported a rise in fiscal Q4 profit to 241.7 million rupees from 235.6 million rupees a year earlier.JSW Steel (NSE:JSWSTEEL, BOM:500228) reported a 1% year-on-year decline in April crude steel production to 2.12 million tons, impacted by a planned shutdown at its Vijayanagar plant for expansion work.