The Indian stock market extended losses for the fourth session on Thursday, with Sensex and Nifty closing lower as oil prices soared after the US military completed its 12th successive night of strikes on Iran.

Sensex declined around 364 points to close at 76,391, while Nifty 50 fell nearly 127 points to end Thursday's session below 23,870. Broader markets also extended losses, with Nifty Midcap 100 and Nifty Smallcap 100 indices falling up to 1%.

Here are today’s top gainers on Nifty

Here are today’s top gainers on Sensex

Here are today’s top losers on Nifty

Here are today’s top losers on Sensex

What lies ahead?

With crude oil prices approaching $100 per barrel amid concerns over further disruptions to global energy supplies, investor sentiment remained subdued as markets reassessed inflation risks and corporate margins, said Vinod Nair, Head of Research of Geojit Investments. He noted that the recent macroeconomic indicators suggest that prolonged geopolitical tensions are increasingly filtering into the domestic economy, reflected in rising WPI and a moderation in business activity.

"Elevated energy prices have also reinforced expectations of a higher-for-longer global interest rate environment, dampening risk appetite toward EMs. Selling pressure was broad-based across sectors; however, auto stocks outperformed on the back of strong quarterly earnings, highlighting that despite prevailing market volatility, investors continue to favour businesses demonstrating resilient earnings growth, healthy demand trends and stronger visibility on future performance," he added.

Nifty 50 has broken down below the upward consolidation on the daily chart, suggesting a rise in bearishness in the market, said Rupak De, Senior Technical Analyst at LKP Securities. He added that the index has fallen below the critical short-term moving average.

"The RSI indicator shows a bearish crossover and is falling. Sentiment looks negative, and the market might continue to remain weak in the near term. On the lower end, the index might fall towards 23,600 or even lower in the near term. On the higher end, 24,000 might remain a resistance for the next few days," De said.