MUMBAI: Stock indices declined for the third consecutive day. The Sensex closed 231 points lower, down by 0.35 percent at Rs 65,397.62 while the Nifty lost 82 points, a 0.42 percent drop closing at Rs 19,542.65. Global and domestic factors negatively impacted these indices. At one point, the Sensex hit Rs 65,308 and the Nifty dropped to Rs 19,518. During this decline BSE-listed companies collectively lost Rs 2.06 lakh crore in market value bringing the total to Rs 318.89 lakh crore in a single day. A total of Rs 4.92 lakh crore was lost over the course of three days. Four companies experienced lower circuit limits on the BSE. Out of 2,402 shares 1312 fell while 122 remained unchanged. On a positive note, 251 companies reached 52-week highs with only 26 at lows.

Crude oil prices increased with Brent prices exceeding Rs 93.5 per barrel while US key interest rates remained elevated. Federal Reserve Chairman Jerome Powell's remarks further influenced the market. The US 10-year Treasury bond yield reached 5 percent exacerbating investor concerns. This led to a shift from equities to safer investments like bonds and gold.

In contrast, the Indian rupee strengthened against the US dollar with its value rising from Rs 83.24 to Rs 83.12. A weaker dollar combined with substantial dollar sales by the Reserve Bank benefited the rupee.

Notable losers in the Nifty 200 included Havells India, Emphasis, Tata Communications, Aditya Birla Fashion and Hindustan Petroleum. On the Sensex, ITC, Tata Steel, HUL, SBI, JSW Steel and Powergrid were among the top losers. Many companies from Kerala also reported losses including Eastern, Apollo Tyres, FACT, Dhanalakshmi Bank, Federal Bank, CSB Bank, Cochin Shipyard, Kalyan Jewellers, Kerala Ayurveda and South Indian Bank.