Indian stocks fall for fourth session on rising crude and mixed earnings
Indian benchmark indices extended their four-day decline on Thursday as Brent crude surpassed $98 a barrel and mixed corporate earnings dampened investor appetite.
Indian benchmark indices extended their four-day decline on Thursday as rising energy costs and mixed corporate results pressured investor sentiment. The Sensex dropped 364 points, or 0.47 percent, to close at 76,391.39, while the Nifty 50 slipped 127 points, or 0.53 percent, to 23,869.60.
Broader indices fared worse, with the Nifty Midcap 100 and Nifty Smallcap 100 each losing 1 percent. Ajit Mishra, senior vice president of research at Religare Broking, observed that the index "traded with a negative bias for most of the session." He added that buying in select heavyweights during the final hour helped trim the losses.
The sustained sell-off reflects deepening macroeconomic anxieties across the region. Brent crude prices climbed above $98 per barrel following fresh attacks on Red Sea oil tankers, raising severe supply disruption fears. A weakening rupee and underwhelming quarterly results from select large-cap firms further kept market participants on the sidelines.
Corporate earnings provided little relief, highlighted by a sharp turnaround at InterGlobe Aviation. The parent company of IndiGo reported a consolidated net loss of ₹238 crore for the June quarter, a stark reversal from the ₹2,176 crore profit recorded a year earlier. Higher aviation turbine fuel costs, currency depreciation, and operational disruptions in West Asia completely offset the carrier's robust revenue growth during the period.
Elsewhere, a Bengaluru-headquartered technology services company revised its fiscal 2027 revenue growth guidance down to a range of 1.5 percent to 3 percent. However, the firm still posted a 14.04 percent year-on-year increase in first-quarter operating profit to ₹609 crore from ₹534 crore a year prior. Meanwhile, a private sector lender saw its first-quarter net profit more than double, jumping 114 percent to ₹75 crore from ₹35 crore.
In the manufacturing space, an electronic manufacturing services firm reported a 90 percent sequential jump in first-quarter consolidated net profit to ₹104 crore against ₹55 crore in the preceding period. Shadowfax Technologies faces a major ownership shift as Eight Roads, Flipkart, and IMM India Fund initiate a block deal to divest up to 9.08 percent of the third-party logistics company. Finally, e-commerce platform Meesho narrowed its net loss for the quarter ended June 30, 2026, to ₹133 crore from ₹289 crore, according to its shareholder letter.
