Mumbai: The benchmark Sensex fell over 500 points, or 0.7 per cent, to an intraday low of 77,591 in early trade.
The Nifty 50 opened 144 points lower, down 0.6 per cent, at 24,190.05.
Selling pressure was mainly seen in financial stocks, with the Nifty Private Bank index declining over 2 per cent. The Nifty Realty index also slipped more than 1 per cent.
Meanwhile, some sectors traded in positive territory, including Nifty PSU Bank, Pharma, Healthcare, Metal and Oil & Gas indices.
Banking stocks among top losers
Among Nifty companies, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndiGo and Shriram Finance were among the biggest losers during early trading.
Market experts said that despite weak global sentiment, India’s domestic market structure remains stable. They expect buying support at lower levels, with the Nifty likely to find immediate support near 24,100, while 24,500 remains a key resistance level.
Crude oil prices surge amid Middle East tensions
Global crude oil prices witnessed a sharp rise after fresh clashes between the United States and Iran increased concerns over possible disruptions in oil supply routes.
Brent crude prices climbed nearly 3 per cent, moving close to the $90 per barrel mark, while WTI crude gained over 3 per cent to $85.39 per barrel.
Investors remained cautious after reports suggested that the ceasefire between the two countries had effectively collapsed, raising concerns about the impact on global energy markets.
Asian markets show mixed trend
Asian markets traded mixed on Monday. Japan’s Nikkei and South Korea’s Kospi dropped more than 4 per cent each, while Hong Kong’s Hang Seng gained around 2 per cent.
China’s Shanghai Composite and Indonesia’s Jakarta Composite also traded higher by up to 1 percent.
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