Sensex, Nifty Fall Over 1% for Third Straight Session

Mumbai's benchmark equity indices Sensex and Nifty fell more than 1 percent on Friday, marking their third consecutive session of declines, as rising crude oil prices and heavy selling in information technology stocks eroded investor confidence.

The 30-share BSE Sensex dropped 999.79 points, or 1.29 percent, to close at 76,664.21. It hit an intraday low of 76,403.87, down 1,260.13 points or 1.62 percent from the previous close. The broader NSE Nifty settled 275.10 points lower, or 1.14 percent, at 23,897.95.

The downturn followed losses on Thursday, when the Sensex fell 852.49 points or 1.09 percent to 77,664 and the Nifty dropped 205.05 points or 0.84 percent to 24,173.05. Market volatility rose, with the India VIX increasing 6 percent to signal greater uncertainty.

Analysts attributed the pressure to a combination of factors. Brent crude, the global oil benchmark, climbed 2.17 percent to $107.3 per barrel, fueled by ongoing Middle East tensions and disruptions in the Strait of Hormuz, a vital oil transit route. Foreign institutional investors offloaded equities worth 3,254.71 crore rupees on Thursday, resuming net selling after brief inflows.

Weakness in the IT sector amplified...