Mumbai: Indian equities reversed gains as oil continued rising for a third day, stoking concerns about an impact on the economy and profits at some companies.

The third-biggest economy in Asia imports almost 80 per cent of its oil requirement.

The benchmark S&P BSE Sensex declined 0.2 per cent to 38,564.88 at the close in Mumbai, erasing an advance of as much as 0.5 per cent earlier in the day. The NSE Nifty 50 Index slid by a similar magnitude. Both the gauges retreated a third day, their longest losing streak in at least a month.

The India NSE Volatility Index rose a sixth day, staying at its highest level since February 2016. Rising oil — Brent for June settlement climbed as much as 0.8 per cent today to $74.70 (Dh274) a barrel on the London-based ICE Futures Europe exchange — added to anxiety over the outcome of ongoing general elections.