The Indian stock market continued its losing momentum on Friday, September 11--the last trading day of the week amid elevated crude prices and escalation in the Middle East crisis. At around 9:57 PM, BSE Sensex was trading 629.77 points or 0.84 per cent lower at 74,272.83. Nifty50 was quoted at 23,260.65, down 0.92 per cent or 217.15 points. 

Earlier, the BSE's30-sharee index started the session with a huge gap down at 74,309.16 and plummeted to an early low of 74,160.16, down 742 points from the last closing of 74,902.59. 

Meanwhile, Crude prices were hovering over $108 per barrel in the international market. Last seen, Brent Crude, the global oil benchmark, was trading at $108.01 per barrel. Meanwhile, New York-based WTI Crude was quoted at $102.43. 

3 Key Factors Dragged Stock Market Today 

1 Crude Price Hike 

According to Dr V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, Headwinds for the market are getting stronger with the escalation in the Middle East conflict. 

"Brent crude has shot up to around $108. If this high price sustains, or worse, spikes further, the impact on India’s GDP growth and consequently on corporate earnings will not be insignificant," the analyst noted.  

2- Higher US Bond Yields

According to Vijaykumar, rising US bond yields are an equally strong headwind. 

"The 10-year yield, now at 4.96%, is approaching the 5% mark, which many regard as a possible inflexion point for global equities. A correction in the global equity market is likely, but the timing is hard to predict," he said. 

3-Boom In IPO Market 

The domestic primary market has been booming this month. Nearly 10 IPOs opened for subscription this week itself. 

"The booming  Indian IPO market is the centre of attraction for investors now. The heavy oversubscription and attractive listing gains have drawn millions of investors into the IPO market. This has sucked off big money from the secondary market," the analyst said. 

Top Losers And Gainers

Losers: Tata Steel, Bajaj Finance, Ultratech Cement, Mahindra And Mahindra, Indigo, L&T, Reliance, HDFC Bank, Axis Bank, PowerGrid, Sun Pharma, Asian Paints, and NTPC were the top losers from the Sensex basket.

Gainers: On the other hand, Tech Mahindra, HCL Tech, ITC, Infosys, and Bharti Airtel were trading in the green.

International Market

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index traded significantly lower.

US markets ended in negative territory on Thursday.