Indian benchmark indices, Sensex and Nifty, experienced a downturn on Monday, reflecting investor apprehension fueled by rising crude oil prices, escalating geopolitical tensions in West Asia, and the looming possibility of a US interest rate hike.
Key Points
- Indian benchmark indices, Sensex and Nifty, recorded declines on Monday, driven by a confluence of global factors.
- Elevated crude oil prices and escalating US-Iran hostilities contributed significantly to the negative investor sentiment.
- Concerns over a potential interest rate hike by the US Federal Reserve also weighed heavily on the markets.
- Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 3,111.94 crore on Friday, indicating cautious sentiment.
Stock market benchmark indices Sensex and Nifty ended lower on Monday as elevated crude oil prices, escalation in US-Iran hostilities and concerns over a possible US interest rate hike weighed on investor sentiment.
The 30-share BSE Sensex dropped 382.62 points, or 0.50 per cent, to settle at 76,132.81. During the day, it tanked 544.91 points, or 0.71 per cent, to 75,970.52.
The 50-share NSE Nifty declined 118.55 points, or 0.50 per cent, to end at 23,779.15.
Market Movers and Global Trends
Among the 30 Sensex firms, Infosys, Tech Mahindra, Tata Steel, Bajaj Finserv, UltraTech Cement and Tata Consultancy Services were the major laggards.
Larsen & Toubro, Bharti Airtel, Maruti and Power Grid were among the winners.
Brent crude, the global oil benchmark, climbed 0.61 per cent to USD 96.87 per barrel.
"Indian equity markets ended lower as elevated crude oil prices and persistent geopolitical uncertainty continued to weigh on investor sentiment.
"Markets remained under pressure throughout the session amid sustained risk-off positioning," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Asian and European Market Performance
In Asian markets, South Korea's Kospi jumped 4.61 per cent and Japan's Nikkei 225 index climbed 2.12 per cent. Shanghai's SSE Composite index ended marginally higher, while Hong Kong's Hang Seng index settled lower.
Markets in Europe were trading on a mixed note. US markets ended in the negative territory on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,111.94 crore on Friday, according to exchange data.
