India's Sensex Falls More Than 700 Points in a Fifth Straight Session of Losses

Indian equities fell for a fifth consecutive session, with the Sensex down more than 700 points and the Nifty below 23,700, according to the Economic Times. The paper attributed the drop to oil prices above 100 dollars a barrel and continued selling by foreign institutional investors.

Company results added to the weakness. Infosys shares fell about 3 percent after JPMorgan downgraded the stock and Jefferies cut its target price, citing weaker demand visibility even after the firm reported strong deal activity, the Economic Times reported. The online retailer Meesho fell about 5 percent after warning of slower growth in the September quarter, though it narrowed its quarterly loss, according to a separate Economic Times report.

The selling shows how an oil-importing economy absorbs an external energy shock. India buys most of its crude abroad, so a rising oil price widens its import bill, pressures the rupee and gives foreign investors a reason to reduce exposure.