14.07.202604:33:36UTC+00Sensex Retreats on Oil Price Spike

India’s BSE Sensex slipped about 0.5% to 77,236 on Tuesday, erasing gains from the previous session as escalating geopolitical tensions in the Middle East and a sharp rise in crude oil prices weighed on investor sentiment. Brent crude traded above $85 per barrel, its highest level since June 17, heightening concerns over imported inflation for India, which is heavily dependent on oil imports.

Sentiment deteriorated further after foreign institutional investors ended an eight-session buying streak and turned net sellers, with outflows of roughly 30.6 billion rupees.

On the corporate front, HCL Tech shares declined 2.0% despite quarterly earnings that exceeded expectations, as the company maintained its full-year guidance, signaling a cautious stance even amid steady demand. ICICI Prudential Asset Management also lost about 2.3%, although it reported a 23% increase in quarterly profit.

Other notable laggards included Shriram (-3.7%), Newgen (-3.2%), InterGlobe (-2.5%), and Bajaj Finance (-2.3%).