FX.co ★ Sensex Extends Losing Streak to Third Session

India’s BSE Sensex fell about 0.6% to 73,293 at the open on Thursday, extending its decline for a third straight session as Brent crude above $110 a barrel intensified inflation concerns amid escalating tensions in the Middle East. Brent rose 1.3% to $110.30 after Houthi attacks in Saudi Arabia prompted the US to evacuate some diplomats and their families.

Policymakers at the Reserve Bank of India signalled that further interest rate hikes may still be required, while cautioning against overly aggressive tightening given the risks to economic growth. Foreign investors were net buyers of Indian equities for a second day, purchasing 10.22 billion rupees worth of shares on Wednesday. Meanwhile, Jio Platforms’ $3.2 billion IPO was fully subscribed within hours of opening.

In corporate developments, Eternal reported revenue ahead of expectations, though profit came in below estimates due to higher costs tied to Blinkit’s expansion; management expects a sharper growth trajectory from December. M&M Financial Services posted higher quarterly revenue and profit on the back of strong disbursements. Bharat Electronics announced fresh orders worth 10.11 billion rupees secured since October 13.

Major drags on the index included HDFC Bank (-1.6%), L&T Technology Services (-3.6%), and Reliance Industries (-1%).