Mumbai: Benchmark equity indices Sensex and Nifty plunged in early trade on Monday as escalating tensions in West Asia and a sharp rise in global crude oil prices dampened investor sentiment.
After gaining for two consecutive sessions, the 30-share BSE Sensex fell 616.15 points to 76,946.97 in early trading, while the NSE Nifty 50 declined 190.50 points to 24,015.
Oil Price Surge Weighs on Markets
The sharp rise in crude oil prices added pressure on domestic equities, with Brent crude climbing 3.96 per cent to $79.02 per barrel.
Market analysts said the renewed geopolitical tensions in West Asia triggered concerns over energy supplies, leading to a spike in oil prices and weakening overall investor confidence.
InterGlobe Aviation, Tata Steel Among Top Losers
Among the Sensex stocks, InterGlobe Aviation, Tata Steel, Maruti Suzuki, Asian Paints, HDFC Bank, and Bajaj Finserv were the major losers in early trade.
On the other hand, Tata Consultancy Services (TCS), NTPC, HCL Technologies, and Power Grid Corporation traded in the green.
Asian Markets Trade Lower
Weak global cues also weighed on Indian markets, with major Asian indices trading sharply lower.
South Korea’s Kospi plunged nearly 7 per cent, while Japan’s Nikkei 225, China’s Shanghai Composite, and Hong Kong’s Hang Seng also declined.
US markets, however, had ended higher on Friday.
Meanwhile, Foreign Institutional Investors (FIIs) remained net buyers, purchasing equities worth ₹2,603.72 crore on Friday, according to exchange data.
On Friday, the Sensex had rallied 827.57 points to close at 77,569.39, while the Nifty gained 244.10 points to settle at 24,206.90.
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