Indian equity benchmarks opened lower on Thursday, October 22, extending losses for a third consecutive session amid concerns over rising crude-oil prices and the impact of the escalating Middle East conflict. At 9:15 a.m. IST, the BSE Sensex had fallen 0.5% to 73,343.3, while the Nifty 50 declined 0.54% to 22,687.75.
Market pressure was broad-based, with 15 of the 16 major sectors trading lower. Small-cap and mid-cap indices each declined approximately 1.3%. Brent crude futures rose 1.6% to US$110.60 per barrel as fresh attacks in Saudi Arabia heightened concerns about energy supplies and regional security.
Higher crude prices are a concern for India because the country imports a substantial portion of its energy requirements. A prolonged rise in oil prices could increase inflationary pressure, raise import costs and affect corporate profitability. The figures represent opening-market levels and not the final closing values for the day.
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