Indian benchmark indices ended sharply lower on Monday, with the Sensex plunging 1,124 points and the Nifty falling below the 22,800 mark, as rising crude oil prices, geopolitical uncertainty and continued foreign fund outflows weighed on investor sentiment.
The BSE Sensex closed at 72,771.72, down 1,124 points, or 1.52 per cent, while the NSE Nifty50 settled at around 22,700 levels after declining 1.56 per cent. The sell-off came after both indices had already recorded losses for seven consecutive weeks.
Market sentiment remained under pressure as crude oil prices climbed amid uncertainty over developments in the US-Iran conflict. Brent crude rose to around $108 a barrel during the session, raising concerns over inflation and the impact of higher energy costs on the Indian economy.
Foreign investor selling also added to the pressure, while elevated US Treasury yields and a weaker rupee contributed to the cautious mood in equities. The rupee was trading around Rs 95.86 against the US dollar at the start of the session, compared with Friday’s close of Rs 95.82.
The decline was broad-based, with banking and other heavyweight stocks coming under pressure during the session. The sharp fall pushed the benchmark indices closer to their recent lows and extended the market’s losing streak.
The sell-off also came after the domestic market had already faced pressure from elevated oil prices, global uncertainty and foreign fund outflows in recent sessions. Investors remained cautious as uncertainty over energy supplies and global interest rates continued to weigh on risk appetite.
