Stock market live updates today: All eyes on BSE Sensex and NSE Nifty50 as Middle East crisis pushes crude prices higher

Technology and IT stocks are set to remain in focus today, after taking a sharp hit in the previous session. HCL Technologies emerged as the biggest drag on benchmark indices after its shares declined more than 4% following the company's June-quarter earnings announcement. The fall erased over Rs 14,600 crore from the company's market capitalisation even though it reported more than 20 per cent growth in consolidated net profit and maintained its revenue growth guidance for FY27.

The IT major also highlighted record first-quarter deal bookings worth $2.4 billion, announced plans to invest up to Rs 3,500 crore in data centres and unveiled its entry into the full-stack artificial intelligence market. Despite these positive developments, investors appeared unconvinced, making the stock the worst performer among Sensex and Nifty constituents.

Rupee came under significant pressure as rising crude oil prices and geopolitical uncertainty boosted demand for the US dollar. The currency slipped below the 96-per-dollar mark to close at 96.16 against the greenback. Forex market participants attributed the fall to higher crude import costs, safe-haven demand for the dollar and continued foreign fund outflows.

A weaker rupee raises concerns over imported inflation because India pays for most of its crude oil imports in US dollars. Analysts also pointed out that the currency's depreciation could affect businesses dependent on imported raw materials. The currency weakness coincided with declines in domestic equities, reflecting broader concerns about external vulnerabilities facing the Indian economy.

Brent crude was trading at $85.82 per barrel, up 1.29%, while WTI crude rose 1.05% to $80.17 per barrel. The sharp jump in Brent crude prices became one of the biggest triggers behind the market decline, highlighting India's dependence on imported energy. Since India imports more than 85% of its crude oil requirement, any sustained rise in global prices increases the country's import bill and puts pressure on inflation. Higher fuel costs can eventually affect transportation, manufacturing and household expenses, creating concerns over corporate profitability.

Analysts said renewed tensions in the Middle East fuelled fears of supply disruptions through the Strait of Hormuz, pushing oil prices higher. As investors assessed the potential impact of elevated crude prices on the broader economy, risk appetite weakened, leading to selling across several sectors of the equity market.

Benchmark indices ended previous session on a lower note after a sharp rise in global crude oil prices dampened investor sentiment. BSE Sensex dropped 561.46 points to settle at 77,054.94, while NSE Nifty fell 158.95 points to close at 24,052.05, snapping a three-session gaining streak.

Brent crude climbed above the $85-per-barrel mark amid renewed tensions in West Asia, triggering concerns over higher inflation and increased import costs for India. Analysts noted that rising oil prices revived worries over corporate earnings and economic stability. At the same time, fresh foreign fund outflows and a weaker rupee further added to market pressure.