14.01.202611:10:30UTC+00Indian Stocks Fall to 2-Month Lows

Indian stocks experienced a downturn for the second consecutive session on Wednesday, influenced by the effects of escalating energy prices on the Indian economy. The S&P/BSE Sensex fell by 0.3% to 83,383, while the NSE Nifty 50 also declined by 0.3% to 25,666, marking their lowest levels in over two months. Global oil benchmark prices continued to rise amid tensions between Iran and the US, heightening risks to Middle Eastern supply. This upward trajectory in energy prices heightened input costs across various sectors of the Indian economy and put pressure on the rupee, as currency outflows increased due to energy imports. Consequently, foreign investors have been scaling back their exposure to Indian assets. In the tech sector, TCS and Tech Mahindra led the declines, losing 2.2% and 1.5%, respectively, while in the financial services sector, Kotak Mahindra Bank and ICICI Bank each fell by 1.5%, setting a negative trend.