New Delhi

Indian equity benchmarks ended lower for the fourth straight session on Thursday, as weak investor sentiment driven by concerns over US tariffs and continued foreign fund outflows weighed on markets.

The BSE Sensex closed at 84,180.96, slipping 780.18 points or 0.92 per cent, while the NSE Nifty fell 263.90 points, or 1.01 per cent, to settle at 25,876.85.

Selling pressure was broad-based, with metal, oil and gas, and IT stocks leading the declines.

Vinod Nair, Head of Research at Geojit Investments Limited, said domestic markets extended losses as caution prevailed amid renewed worries over US tariff measures and sustained foreign institutional investor (FII) selling, which overshadowed optimism surrounding corporate earnings growth.

Metal stocks retreated on profit booking after a fall in global commodity prices, while oil and gas shares declined amid concerns linked to the escalating Venezuela–US situation.

Nair noted that India’s first advance GDP estimates for 2025–26 point to strong economic growth, supported by a recovery in manufacturing activity and resilient services, offering some comfort despite global headwinds. However, he added that markets are likely to remain range-bound in the near term, tracking Q3 earnings and developments related to US trade policies.

Rupak De, Senior Technical Analyst at LKP Securities, pointed out that a rising India VIX indicates growing nervousness among investors. He said the near-term outlook remains challenging for bulls, with selling pressure expected to continue unless the Nifty moves back above the 26,000 level. On the downside, the index could test levels of 25,700 and 25,550.

Ponmudi R, CEO of Enrich Money, said equity markets ended sharply lower as investor confidence weakened amid renewed uncertainty on the global trade front. He attributed the sell-off to reports that US President Donald Trump approved a proposal to impose steep tariffs—up to 500 per cent—on countries purchasing crude oil from Russia.

According to him, the development heightened global risk aversion and triggered widespread selling, particularly in metal and oil-linked stocks, as fears of export disruptions, price volatility and elevated trade risks weighed on sentiment.

Benchmark indices have risen a cumulative 8–10 per cent so far in 2025, lower than gains seen in recent years. Market participants remain cautious amid subdued foreign investor participation, with data showing that FPIs have been net sellers in Indian equities this year.

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In comparison, Sensex and Nifty posted gains of around 9–10 per cent in 2024, 16–17 per cent in 2023, and about 3 per cent each in 2022.