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Bears take full control over Dalal Street in late trade
Sep-24-2026

Indian equity markets have extended losses in late afternoon session as investors fear West Asia war spillover. Private reports have indicated that the Iran may expand the war to the Indian Ocean and beyond if the US or Israel launch another attack. Further, Brent crude oil prices have spiked up to trade above $105 a barrel mark amid worries of escalating tension in West Asia. Traders also stayed away from any risky bets ahead of weekly and monthly expiry of Sensex F&O contracts. Meanwhile, markets participant overlooked the renewed fund inflows from foreign institution investors (FII). FIIs were the net buyers of securities worth Rs 1,617.45 crore on Wednesday.

On the global front, Asian equity markets were trading mostly in red tracking negative cues from Wall Street overnight. European equity markets were trading lower amid spike in global crude oil prices and rising expectations of another rate hike by US Federal Reserve.

The BSE Sensex is currently trading at 73726.95, down by 1101.30 points or 1.47% after trading in a range of 73563.92 and 74362.29. There were 30 stocks declining on the index.

The top losing sectoral indices on the BSE were Telecom down by 2.19%, Bankex down by 1.70%, Metal down by 1.67%, Basic Materials down by 1.38% and Auto down by 1.28%. Meanwhile, there were no gainers on BSE sectoral index.

The top losers on the Sensex were Bajaj Finance down by 6.06%, Axis Bank down by 5.15%, Bajaj Finserv down by 4.30%, Interglobe Aviation down by 2.85% and Trent down by 2.22%.

Meanwhile, amid escalating geopolitical tensions and supply disruptions in West Asia spiking crude prices, the rating agency ICRA has said that state-run oil marketing companies (OMCs) are facing mounting losses on petrol and diesel sales as a surge in crude prices outpaces unchanged domestic fuel prices. Highlighting the magnitude of disparity between crude and fuel prices, ICRA said that the oil market companies are facing an estimated loss of Rs 530 crore on daily basis. It added that Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are losing Rs 8 a litre on petrol, and Rs 9 on diesel, while under-recoveries on domestic liquefied petroleum gas (LPG) stood at about Rs 300 per cylinder.

Moreover, it noted that the price of the basket of crude oil India imports rose to $117.4 per barrel as on September 21, 2026, from the 2025-26 average of around $66 a barrel. The escalation of the West Asian conflict and disruptions to key oil supply routes have led to a surge in crude prices. It indicated that fuel marketers are facing pressure in spite of relatively strong refining margins as Singapore gross refining margins have stayed above $10 a barrel since the start of the West Asia crisis, supported by refinery outages, supply disruptions and inventory drawdowns. ICRA has described LPG as another growing source of pressure with cumulative negative LPG buffer reaching to Rs 61,940 crore as of June 30, after international LPG prices rose following supply disruptions in West Asia.

Besides, it said that the export levies introduced on diesel and aviation turbine fuel in March and subsequently extended to petrol have also remained elevated. The Special Additional Excise Duty on diesel stood at R 20 a litre and on ATF at Rs 15 a litre from September 16. ICRA expects higher crude and product prices to weigh on OMC profitability and cash flow, while increasing their short-term borrowing needs to fund working capital. Additionally, the impact on earnings in the 2026-27 financial year will depend on crude prices, product cracks, domestic retail price revisions and government support for LPG under-recoveries.

The CNX Nifty is currently trading at 23102.90, down by 343.90 points or 1.47% after trading in a range of 23046.15 and 23281.95. There was 1 stock advancing against 49 stocks declining on the index.

The only gainer on Nifty was Cipla up by 1.23%, while Bajaj Finance down by 6.17%, HDFC Life Insurance down by 5.11%, Axis Bank down by 4.80%, Bajaj Finserv down by 4.14% and Interglobe Aviation down by 2.77% were the top losers.

Asian equity markets were trading mostly in red; Hang Seng declined 62.12 points or 0.25% to 24,772.00, Taiwan Weighted lost 132.69 points or 0.28% to 48,024.60, Straits Times fell 25.55 points or 0.45% to 5,684.36, Shanghai Composite weakened 48.15 points or 1.24% to 3,888.37 and Jakarta Composite plunged 80.16 points or 1.27% to 6,294.75, while Nikkei 225 surged 581.05 points or 0.89% to 65,600.00. Meanwhile, South Korean markets remained closed on account of holiday.

European equity markets were trading lower; UK’s FTSE 100 decreased 9.56 points or 0.09% to 10,695.70, France’s CAC fell 56.41 points or 0.69% to 8,067.00 and Germany’s DAX lost 107.13 points or 0.42% to 25,303.50.
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