Domestic equity markets opened sharply lower on Monday as rising geopolitical tensions in West Asia and surging crude oil prices triggered heavy selling across major sectors.
Investor sentiment remained weak following the escalation of the US-Iran conflict and concerns over disruptions in global energy supplies.
The BSE Sensex dropped nearly 900 points in early trade to touch an intraday low of 74,345, while the NSE Nifty slipped more than 270 points to trade around 23,371.
Markets opened in the red and extended losses during the morning session amid weak global cues.
Most sectoral indices traded lower, with consumer durables, realty, auto, metal, banking, FMCG and chemical stocks witnessing sharp declines.
Information technology stocks showed some resilience and remained the only sector trading in positive territory during early trade.
Major stocks, including Power Grid, Tata Steel, Maruti Suzuki, Mahindra & Mahindra, Titan, HDFC Bank, Bajaj Finance and Hindustan Unilever, declined between one and three per cent.
Analysts said rising crude oil prices and geopolitical uncertainty continued to pressure markets.
India VIX rose nearly six per cent, reflecting higher investor caution, while reports of a drone attack on a UAE nuclear facility further escalated Middle East tensions.
Brent crude rose above 111 dollars per barrel, while US WTI crude crossed 108 dollars per barrel.
Investor sentiment weakened after US President Donald Trump warned that ‘the clock is ticking’ for Iran amid stalled diplomatic efforts.
Asian markets also traded lower, with Japan’s Nikkei and Hong Kong’s Hang Seng falling over one per cent.
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