Rising oil drags Indian shares down to nearly six-month lows

Yes Bank

28/09/2026 07:04

** Indian shares decline, with the benchmarks Nifty 50 .NSEI and Sensex .BSESN dropping 1.4% each to nearly six-month lows, as oil prices jump on intensifying Mideast tensions
** US President Donald Trump rejects a peace deal from Iran to resolve their conflict and reopen Strait of Hormuz
** Brent LCOc1 up 3.4% to about $108 a barrel
** Higher crude prices are detrimental to world's third-largest importer as they add to import bill, heighten inflationary worries and hurt corporate profitability
** All 16 major sectors decline; high-weight financials .NIFTYFIN, banks .NSEBANK, private banks .NIFPVTBNK drop 1.7%-2%; state-owned lenders .NIFTYPSU down 2.4%
** HDFC Bank HDBK.NS, ICICI Bank ICBK.NS and Reliance Industries RELI.NS, the three heaviest stocks on benchmarks, fall 1.6%-2.1%
** Yes Bank YESB.NS drops to a four-month low with brokerage Citi flagging near-term pressure on stock due to weaker earnings, elevated credit costs
** Bucking the trend, Zydus Lifesciences ZYDU.NS rises 2% after the US drug regulator concludes inspection at its New Jersey office with no observations

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))