Sensex dives 1,045 points amid sharp spike in oil prices, fears of further monetary tightening
The Indian stock market experienced a significant sell-off, with the Sensex dropping over 1,000 points due to rising crude oil prices and the RBI's decision to hike interest rates. Investors are reacting to fears of tighter monetary conditions and persistent inflation.
Why it matters
This market volatility reflects broader economic concerns regarding global inflation and the impact of central bank policies on corporate valuations.
Benchmark stock index Sensex tanked 1,045 points while Nifty slid to near 22,230 level on Thursday (October 8, 2026) following heavy selling in rate-sensitive, commodities and FMCG shares amid a sharp spike in crude oil prices and growing prospect of tighter domestic and global monetary conditions.
Falling for the second day running, the 30-share BSE Sensex tumbled 1,045.46 points, or 1.44%, to settle at 71,593.24. During the day, it slumped 1,310.95 points, or 1.80%, to 71,327.75.
The 50-share NSE Nifty dropped 371.25 points, or 1.64%, to end at 22,231.80. Nifty hit its 52-week low of 22,179.90 in intra-day trade.
From the 30 Sensex firms, ITC, InterGlobe Aviation, Power Grid, Bharat Electronics, Adani Ports and NTPC were among the major laggards.
Tech Mahindra, Axis Bank and Infosys were the winners.
Brent crude, the global oil benchmark, jumped 4.25% to $104.5 per barrel.
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