Indian stock market hit by rising crude oil prices; Coforge shares slide after Chairman resigns

 

Indian stock market hit by rising crude oil prices; Coforge shares slide after Chairman resigns

Mumbai, September 9, 2026: Indian stock markets declined on Wednesday as investor sentiment was dampened by rising crude oil prices and escalating tensions in the Middle East.At approximately 10:01 AM, the Nifty 50 index fell 0.67% to 23,474.40 points, while the BSE Sensex dropped 0.83% to 74,954.33 points.Out of 16 major sectoral indices, 12 were trading in the red. The Nifty IT index saw a decline of nearly 3%.

Coforge shares tumble

Coforge shares fell by about 6%. Following the resignation of the company's Chairman, Om Prakash Bhatt, it was revealed that an internal audit had raised concerns regarding the board's evaluation process.Pressure was also evident in mid-cap and small-cap stocks; the mid-cap index fell by approximately 0.7%, while the small-cap index dropped by about 0.6%.

Crude oil nears $100 mark

Crude oil prices have risen due to the intensifying conflict in the Middle East. Brent crude futures climbed 1.5% to reach around $99.50 per barrel. As India is a major importer of crude oil, a rise in prices could exert pressure on the country's trade deficit, inflation, and economic growth.

Market experts believe that with crude oil prices nearing the $100 mark, the short-term outlook for the Indian stock market could turn increasingly negative. Rising oil prices could also influence expectations regarding US interest rates, potentially putting pressure on emerging markets.

Additionally, market analysts noted that shares in the secondary market are facing added pressure as investor capital shifts toward the primary market due to IPOs and Qualified Institutional Placements (QIPs).

Gains in Graphite India and Adani Enterprises

Despite the overall market downturn, shares of certain companies witnessed a rally.Graphite India's shares surged by over 13%, reaching a nearly eight-year high. This rally followed an announcement by global graphite electrode manufacturer GrafTech International regarding a price hike of at least 30%.

Adani Enterprises' shares also rose by approximately 3.6%. The company has agreed to sell a stake of up to 5.54% in its airport business to a group of investors, including Temasek, BlackRock, Premji Invest, and Alpha Wave. This transaction is expected to raise around $1 billion.

Overall, investors in the Indian stock market remain cautious due to rising crude oil prices, geopolitical tensions in the Middle East, and pressure within the IT sector.