India’s Sensex fell 1.44% on October 8.
The Nifty fell 1.64%.
Brent crude climbed above $104 a barrel.
Foreign investors kept selling.
The central bank raised rates on October 7.
WTI November futures were at $91.95 a barrel.
Business Standard’s close report carried the headline that oil tops $104 and that the volatility index jumped 10%.
Elevated crude prices were tied to Middle East supply concerns, attacks on ships in the Gulf and the Strait of Hormuz.
Rising US bond yields and persistent foreign institutional investor selling also weighed on the market.
The RBI had raised the repo rate by 25 basis points to 5.50% on October 7, its first hike since February 2023.
Kotak Neo said that the weak trend is likely to persist while oil stays elevated and foreign investors keep selling.
On October 6, the Sensex had closed at 73,067.81 and the Nifty at 22,776.10.
From that close, the Sensex has lost about 1,475 points in two sessions and the Nifty about 544 points.
On MCX, December gold futures were at Rs 1,49,300 per 10 grams, up 0.13%, and silver was at Rs 2,21,440 a kg, down 0.95%.
India imports most of the crude oil it uses, so a rise in global prices weighs on inflation and the rupee.
The India VIX measures expected volatility, and a jump in it means traders expect bigger swings.
The Sensex fell 1,045.46 points, or 1.44%, to close at 71,593.24 on Thursday, October 8, 2026.
The Nifty 50 lost 371.25 points, or 1.64%, to close at 22,231.80.
It was the second straight session of falls, after a 429-point drop in the Sensex on October 7.
The Nifty Midcap 100 index fell 2.53% and the Nifty Smallcap 100 index fell 2.34%, according to Kotak Neo.
The Nifty Metal index fell 3.55%, the Nifty Realty index fell 3.16% and the Nifty Oil and Gas index fell 2.52%.
Dalal Street, Mumbai (file image), Wikimedia Commons, CC BY-SA 3.0
