Indian Stock Market Declines for Third Consecutive Session Amid Oil Price Surge

Mumbai, September 30 (Daily Kiran) : The Indian stock market experienced a decline for the third consecutive session on September 30, 2026, as rising oil prices dampened investor sentiment. This drop came in light of diminished hopes for a resolution between the U.S. and Iran, which contributed to the surge in oil prices. Major indices, including Nifty50 and Sensex, lost ground due to falling pharmaceutical and healthcare stocks.

The Sensex fell by 48.78 points, or 0.07%, closing at 72,480.29. Meanwhile, the Nifty50 dropped 95.75 points, or 0.42%, to settle at 22,620.45.

In the broader market, Nifty Midcap 100 and Nifty Smallcap ended slightly higher, gaining 0.02% and 0.27%, respectively. Sector-wise, Nifty Realty, Nifty Private Bank, and Nifty Media saw the most gains, while Nifty Healthcare, Nifty Pharma, Nifty Consumer Durable, and Nifty Metal faced the largest declines.

Within the Nifty50 index, Apollo Hospitals, Max Healthcare, and BSE were among the biggest losers. Additionally, stocks like Nestlé India, Sun Pharma, Cipla, and Eternal also experienced significant drops. Conversely, Kotak Bank, Indigo, ICICI Bank, UltraTech Cement, Axis Bank, and Shriram Finance recorded the highest gains.

A market expert noted that profit booking at elevated levels, coupled with the spike in oil prices, has slowed the momentum of relief rallies. Concerns over high global bond yields continue to limit risk-taking opportunities.

The expert highlighted that large-cap stocks in the banking and IT sectors saw an uptick as investors gravitated towards better valuations and stocks with a higher margin of safety amid ongoing macroeconomic uncertainties.

Overall, the market atmosphere remains cautious, with investors closely monitoring crude oil prices, bond yields, inflation forecasts, and potential impacts on global monetary policy. Until there is greater clarity on the macroeconomic outlook, market participants are likely to focus on selective stocks, prioritizing those with strong fundamentals and sustainable earnings.