Stock market update, Aug. 12 -- Indian equities extended their retreat for a second straight session on Tuesday as rising crude oil prices continued to weigh on sentiment. The Nifty 50 fell 112.10 points, or 0.46%, to close at 24,471.70, while the Sensex dropped 388.19 points, or 0.49%, to settle at 78,154.25.

The declines were led by financials, with banks and private banks among the worst-hit sectors. Meanwhile, Brent crude touched a one-week high near $88 per barrel on fading hopes of a US-Iran peace deal, as the two sides continued to trade demands over compensation. Elevated oil prices are a particular concern for India, a major crude importer, raising worries over the import bill and inflation.

IT bucked the trend and provided som...