Sensex, Nifty extend losses for third session as crude, bond yields weigh

• Sensex fell 48.78 points, or 0.07 per cent, to 72,480.29, while Nifty declined 95.75 points, or 0.42 per cent, to 22,620.45.

• Both indices closed lower for a third straight session after giving up substantial intraday gains amid late selling in metal and pharma shares.

• Elevated crude prices, global bond yields and continued foreign fund outflows kept investor sentiment cautious, with FIIs selling Rs 9,980.22 crore on Tuesday.

Benchmark equity indices Sensex and Nifty extended their losses for a third consecutive session on Wednesday, 30 September, dragged down by late selling in metal and pharma shares amid elevated crude oil prices, global bond yields and persistent foreign fund outflows.

The 30-share BSE Sensex gave up all its intraday gains to close 48.78 points, or 0.07 per cent, lower at 72,480.29. After opening flat, the index had climbed 533.16 points, or 0.73 per cent, to hit an intraday high of 73,062.23 before fag-end selling pared the gains.

The 50-share NSE Nifty fell 95.75 points, or 0.42 per cent, to settle at 22,620.45.

For September, the Sensex lost 4,476.98 points, or 5.81 per cent, while the Nifty shed 1,459.95 points, or 6 per cent.

Among the 30 Sensex constituents, Eternal, Sun Pharma, Titan, Adani Ports, Tata Steel and HDFC Bank were the major laggards. Kotak Mahindra Bank, ICICI Bank, InterGlobe Aviation and Axis Bank were among the gainers.

Brent crude, the global oil benchmark, rose 0.54 per cent to USD 103.10 a barrel.

Foreign Institutional Investors sold equities worth Rs 9,980.22 crore on Tuesday, according to exchange data, adding to pressure on domestic equities.

"The relief rally loses its steam with profit booking at the higher levels, followed by a rebound in oil prices. The elevated global bond yields continue to remain a key overhang, limiting the scope for sustained risk-taking," said Vinod Nair, head of research at Geojit Investments. "The overall market tone remains cautious; investors continue to monitor the trajectory of crude oil prices, bond yields, inflation expectations, and the potential implications for global monetary policy."

Broader markets ended mixed, with the BSE MidCap Select index falling 0.44 per cent, while the SmallCap Select index gained 0.34 per cent.

Among BSE sectoral indices, Hospitals fell 4.97 per cent, Healthcare 2.35 per cent, Consumer Durables 1.43 per cent, Metal 1.24 per cent, Commodities 0.54 per cent and FMCG 0.35 per cent.

Realty gained 1.42 per cent, while the MidSmall Private Banks Quality Tilt index rose 1.10 per cent, MidSmall Private Banks 1 per cent, Private Banks 0.66 per cent and Telecommunication 0.54 per cent.

"Global macro concerns continued to keep sentiment fragile. Brent crude remained elevated around USD 103 a barrel despite moderating somewhat from recent highs, while the US 10-year Treasury yield remained near recent highs, having touched 5.293 per cent in the previous session," said Ajit Mishra, SVP — Research, Religare Broking.

"Persistent foreign selling remained another major overhang, with FIIs selling nearly Rs 9,980 crore on Tuesday," he added.

Ponmudi R, CEO of Enrich Money, said crude prices remained relatively stable during the session, providing little fresh direction as uncertainty over the regional conflict and its implications for global energy supplies remained unresolved. "This kept the broader market tone measured rather than decisively negative," he said.

In Asian markets, South Korea's Kospi ended lower, while Shanghai's SSE Composite, Japan's Nikkei 225 and Hong Kong's Hang Seng closed higher. European markets were trading mixed. US markets ended lower on Tuesday.

On Tuesday, the Sensex fell 242.65 points, or 0.33 per cent, to settle at 72,529.07, while the Nifty declined 64.05 points, or 0.28 per cent, to end at 22,716.20.

With PTI inputs