{
  "id": 16044797,
  "title": "Indian shares extend losses as high oil prices heighten inflation worries",
  "url": "https://urgent.news/2026/10/22/indian-shares-extend-losses-as-high-oil-prices-heighten-inflation",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-22T11:57:14.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40445457/indian-shares-extend-losses-as-high-oil-prices-heighten-inflation-worries"
  },
  "original_language": "en",
  "account": "Indian shares experienced their third consecutive decline on Thursday, as tensions in the Middle East drove oil prices to a record high of $112 per barrel, exacerbating concerns about inflation for the world's third-largest crude importer. The benchmark Nifty 50 index fell 0.54% to 22,687.65, while the Sensex dropped 0.62% to 73,249.39. Smaller companies saw an even steeper decline, with small-caps and mid-caps dropping 1.1% and 0.9%, respectively. Asian markets also saw a significant decline, nearing three-month lows, following intensified Houthi attacks in Saudi Arabia, which heightened fears of conflict escalation and potential supply disruptions. In response to these attacks, the US ordered some diplomats and family members to leave its missions in Saudi Arabia. Sanjeeb Hota, director and head of strategy of equities at Standard Chartered India, noted that higher crude prices remain a significant concern for markets, as they increase price pressures in the economy and potentially impact corporate profit margins. He also suggested that the recent strong gains in the market might be due to profit-taking rather than an adverse view on earnings. Of the 16 major sectors, 13 logged losses, with IT, energy, and FMCG sectors taking the biggest hits. Heavyweights like HDFC Bank and Reliance Industries saw declines of 1.8% and 2%, respectively. Mahindra & Mahindra Financial Services fell 3.3%, with brokerages highlighting mounting funding costs and risks from insurance distribution reforms. Nestle India dipped 2.8%, Abbott India dropped 1.3%, and Zydus Wellness declined by 3.4%, after receiving notices from India's food safety regulator. Abbott denied any awareness of the social media content cited by the regulator, stating it did not endorse the claims. Nestle said it had addressed the label-related concerns raised, and Zydus Wellness did not respond to Reuters' request for comment. Cybersecurity firm eMudhra saw a dramatic 20% drop, taking two-session losses to 36%, following an advisory from the Indian Computer Emergency Response Team stating that some of eMudhra's intermediate certificates were compromised.",
  "summary": "Indian shares fell for a third straight session on Thursday, as an escalating Middle East war pushed oil prices higher to $112 per barrel, stoking inflation concerns for the world’s third-largest importer of crude. The benchmark Nifty 50 fell 0.54% to 22,687.65, and the Sensex shed 0.62% to 73,249.39. The broader small-caps and mid-caps dropped 1.1% and 0.9%, respectively. Other Asian markets…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}