Nifty endures six-week slump as oil prices surge, but six stocks add over ₹73,000 crore

During a six-week period ending mid-September, the Nifty 50 index slipped roughly 5%, marking its lengthiest downturn since 2020, driven largely by crude oil prices staying above the $100 mark. Nine major stocks lost between 10% and 14%, wiping out about ₹1.25 trillion of investor wealth, with IT giants such as Tata Consultancy Services, Infosys and Wipro among the biggest losers. Auto manufacturers Maruti Suzuki, Mahindra & Mahindra and Tata Motors Passenger Vehicles also fell sharply, reflecting a 17% year-on-year drop in passenger-vehicle exports for August.

Conversely, six stocks, led by Adani Ports, posted gains that together added approximately ₹73,000 crore to market capitalisation, with Adani Ports alone contributing over ₹30,000 crore. Analysts warn that unless the West Asia conflict eases and oil prices correct, the market will remain volatile, compounded by a deficient monsoon affecting more than half of India's meteorological zones and an active IPO pipeline, including a Rs 22,562-crore issue that opened this week.