Volume 11, Issue 2, 2026
International Journal of Commerce and Management Studies, ISSN 2456-3684
Paper Title
Relationship Between International Crude Oil Prices and Indian Stock Market Performance: Evidence from Sectoral Indices
Author Name and Affiliation
Shivani More Wagh
Department of BBA, Dr. D.Y. Patil Arts, Commerce & Science College, Pimpri, Pune, Maharashtra, India
Shital Bhusare
Suryadatta Institute of Business Management and Technology, Pune, Bavdhan, Pune, Maharashtra, Email: shivani.more@dypvp.edu.in
Abstract
International crude oil prices are among the most influential macroeconomic variables affecting global financial markets. As India imports more than 85% of its crude oil requirements, fluctuations in global crude oil prices significantly influence inflation, exchange rates, industrial production, transportation costs, and corporate profitability. These changes ultimately affect investor sentiment and stock market performance. However, the degree of impact varies across industrial sectors depending on their dependence on crude oil and energy costs. This study examines the relationship between international crude oil prices and the performance of selected sectoral indices listed on the National Stock Exchange (NSE) of India. The paper is based on secondary data collected from published research articles, reports of the Reserve Bank of India (RBI), National Stock Exchange (NSE), International Energy Agency (IEA), U.S. Energy Information Administration (EIA), and other authentic financial databases. Existing literature indicates that sectors such as automobiles, banking, transportation, and manufacturing are more vulnerable to rising crude oil prices, whereas information technology and pharmaceutical sectors exhibit comparatively lower sensitivity. The study highlights the importance of sector-specific analysis rather than relying solely on aggregate market indices. The findings are expected to assist investors, portfolio managers, policymakers, and financial analysts in understanding the transmission of global oil price shocks to Indian equity markets and in developing effective investment and risk management strategies.
Keywords
International crude oil prices, Indian stock market, NSE sectoral indices, financial management, stock returns, macroeconomic variables, secondary data.
References
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DOI
DOI: 10.67061/ijcams.2026.vol.11.issue.02.8115
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