The 7% decline in Sensex and Nifty since September-end 2024—the start of the bull market reversal in Indian equities—masks a far sharper selloff beneath the surface.

According to an ETIG study, 735 of the top 1,000 NSE-listed stocks have fallen during this period, while only 265 have remained in the green.

Among the stocks that declined, nearly 70% or 517 companies, have dropped more than 20%, with about 55%, or 408 stocks, falling between 20% and 50%. Nifty Smallcap index has fallen 18%, while Nifty Microcap 250 has dropped nearly 23% since September 30, 2024, underscoring deeper risk aversion in the lower tiers of the market.

Mumbai: The Reserve Bank of India (RBI) bought bonds at a premium to market prices in its open market operation (OMO) purchases Monday to help contain bond yields in volatile geopolitics.

Market participants offered ‘88,857 crore for a notified amount of ‘50,000 crore. The RBI bought bonds 4-9 basis points lower than the market levels, RBI & CCIL data showed.

For instance, the yield of the 6.01% GS2030 bond closed at 6.32%, while the cutoff yield on the OMO auction was 6.27%. Yield of 6.19% GS2034 bond closed at 6.72%, while the cut off yield in the OMO was at 6.63%. “The RBI bought papers at a fairly low yield, and price wise at a premium. I think these efforts are directed towards bringing down yields in an uncertain scenario,” said Anshul Chandak, head of treasury at RBL Bank.

As the conflict in Iran blocks oil exports from the Gulf region and producers start to cut output, the supply shock has sent petrol prices soaring worldwide. The stark rise is already rattling financial markets, driving up prices at the pump and raising fears of a bigger economic hit.

The BBC spoke to Americans in New York to ask how they’re feeling the pinch.

With reporting from Michelle Fleury in Tarrytown, New York and Pratiksha Ghildial in New York City

Oil prices fell on Tuesday after hitting their highest level in more than three years in the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Brent futures fell $6.51, or 6.6%, to $92.45 a barrel at 0018 GMT, while U.S. West Texas Intermediate (WTI) crude was down $6.12, or 6.5%, to $88.65.

Oil prices surged past $100 a ‌barrel on Monday, ⁠hitting session ⁠highs of $119.50 for Brent and $119.48 for WTI, their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war with Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.

Trump said on Monday in a CBS News ⁠interview that ‌he thinks the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.

In response to Trump, Iran’s ⁠Revolutionary Guards (IRGC) said they would “determine the end of the war” and that Tehran would not allow “one litre of oil” to be exported from the region if U.S. and Israeli attacks continued, state media reported on Tuesday citing IRGC’s spokesperson.
But those comments did not lift prices, which were also under pressure because Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices amid the Iran conflict, according to ‌multiple sources. “Taking the events of the past 24 hours into account, I expect crude oil to remain highly volatile, trading within a wide range between $75ish and $105ish in the sessions ahead,” Tony Sycamore, ⁠IG market analyst, said in a note.

Gulf oil producers have begun cutting output as the U.S.-Israeli war on Iran disrupted shipping in the region. Over the weekend, Iraq slashed production at its main southern oilfields by 70% to 1.3 million barrels per day while Kuwait Petroleum Corporation also began reducing output and declared force majeure.

Adding to the cuts, Saudi Arabia has now begun trimming production, sources said on Monday.

G7 nations said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices but stopped short of committing to release emergency reserves.