Indian stock markets opened lower on Monday, with benchmark indices slipping over 1 per cent after fresh uncertainty over the US-Iran situation triggered concerns across global markets.
The BSE Sensex dropped 943 points during early trade to touch 76,384, while the NSE Nifty fell 280 points to an intraday low of 23,897.
The Sensex had opened 690 points lower at 76,638.09, and Nifty began the session down nearly 200 points at 23,970.10.
Selling pressure was visible across sectors, with indices linked to consumer durables, automobiles, PSU banks, private banks, oil and gas, and chemicals declining by up to 3 per cent.
Among the major losers on the Nifty were Titan Company, InterGlobe Aviation, Mahindra & Mahindra, Maruti Suzuki, Bharti Airtel and Dr Reddy’s Laboratories.
India VIX, the market volatility indicator, also rose nearly 2 per cent to 10.7.
Market analysts said investor sentiment weakened after hopes of easing tensions between the US and Iran faded.
US President Donald Trump rejected Iran’s response to a peace proposal, raising fears over disruptions in oil transit through the Strait of Hormuz.
Brent crude climbed 4.41 per cent to $105.76 per barrel, while WTI crude rose 5.12 per cent to $100.31.
Analysts added that higher crude prices could increase pressure on India’s current account deficit and affect growth-sensitive sectors, while defensive segments such as pharmaceuticals may remain relatively stable.
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