FX.co ★ Indian Stocks Hold Recent Plunge

Indian equity benchmarks ended Wednesday’s session largely unchanged, holding on to most of the losses from the previous four days as elevated energy prices darkened the macroeconomic outlook and prompted investors to pare exposure to Indian assets. The S&P BSE Sensex finished flat at 75,600, while the NSE Nifty 50 edged up 0.1% to 23,410.

Crude oil and refined product benchmarks were little changed on the day, consolidating after strong gains earlier in the month. The ongoing standoff between Iran and the United States has prolonged uncertainty over potential supply disruptions from the Middle East, keeping oil-flow risks elevated.

Higher energy prices are squeezing domestic corporate margins and tightening financial conditions. At the same time, increased foreign-exchange outflows to pay for energy imports are weighing on the rupee and encouraging foreign investors to rotate toward stronger currencies.

Risk-sensitive technology stocks came under particular pressure, mirroring a weak session for the sector in the US. Infosys, Tech Mahindra, and TCS each declined by more than 1%.