The Indian stock market delivered negative performance on Monday, September 16, mostly on the heels of losses sustained by oil refiners, which came under pressure from a spike in crude prices following a drone attack on Saudi oil facilities. Notably, the country’s finance minister said over the weekend that the government will take measures to revive the housing sector and boost exports, but that was not enough to offset negative sentiment. The external backdrop was mostly downbeat as Asian benchmarks ended mixed, while European stocks were in decline. Recapping the benchmarks, the Nifty 50 slipped 0.65% to 11,003.50, and the BSE Sensex retreated 0.70% to 37,123.31. By 10:18 GMT, the USD/INR currency pair picked up 0.77% to 71.520, while EUR/INR rose 0.49% to 79.0295. The 10-year Indian government bond yield widened to 6.692%. As noted above, oil refineries took a beating. As a result, Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum plunged 1.2%, 5.7% and 7.0%, respectively. Industrial conglomerate Reliance Industries shed 1.2%. Spiking oil prices negatively impacted investor sentiment towards airlines. In particular, Interglobe Aviation and Spicejet retreated 2.8% and 4.0%. Bharat Electronics posted marginal gains, closing 0.6% higher on news that it won an INR 54 bn (USD 749 mn) missile contract for India’s air forces. On the BSE Sensex daily chart, a symmetrical triangle is shaping up. Since there are no signs of overselling, the benchmark still holds downside potential in the short term.