India's stocks fall on Tuesday under oil pressure, Sensex below 77,500

India's BSE Sensex closed Tuesday, July 21, down 238 points, or 0.31 percent, at 77,470, while the Nifty 50 fell 51 points (0.21 percent) to 24,188.

The main driver was Brent crude holding around $90 a barrel amid West Asia tensions and news of mediation between the US and Iran. India is one of the world's largest oil importers, and a sustained rise in oil prices increases the risk of inflation, a wider trade deficit, and pressure on corporate profits. Among stocks, Cipla was the weakest performer, down about 2 percent, while information-technology and automaker shares also declined.