MUMBAI: Stock markets tumbled on Monday, with the benchmark Sensex plunging 1,124 points to a six-month low and the Nifty closing below 22,800 as surging crude oil prices, geopolitical uncertainties, and weak global trends hit investor sentiment.
The 30-share BSE Sensex tanked 1,124.02 points, or 1.52 per cent, to settle at 72,771.72, the lowest closing level since March 30, 2026. During the day, it lost 1,179.51 points, or 1.59 per cent, to 72,716.23.
The 50-share NSE Nifty dropped 360.25 points, or 1.56 per cent, to end at a near six-month low of 22,780.25. As many as 47 Nifty shares closed lower while three were up, reflecting across-the-board selling.
Analysts said surging crude oil prices following the US-Iran stalemate over the reopening of the Strait of Hormuz, foreign fund outflows, a spike in US bond yields and weak Asian markets triggered selling in financial, PSU banks, metals, FMCG, oil & gas and auto shares.
Among the 30 Sensex firms, 29 ended lower. Larsen & Toubro fell the most by 2.81 per cent. Power Grid dropped 2.62 per cent, Adani Ports by 2.38 per cent, HDFC Bank by 2.3 per cent, Hindustan Unilever by 2.27 per cent and Reliance Industries by 2.24 per cent.
Infosys was the only winner from the pack.
Brent crude, the global oil benchmark, jumped 3.81 per cent to USD 108.3 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,693.93 crore on Friday, according to exchange data.
"Bears remained firmly in control as the market breached a key psychological support level, reflecting growing investor caution amid deteriorating global macro conditions.
"The US rejection of the ceasefire proposal has heightened concerns that tensions in West Asia could persist for longer than anticipated, reducing the likelihood of a near-term diplomatic resolution and increasing the risk of prolonged supply-side disruptions and higher commodity prices," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Rising US bond yields are narrowing the India-US yield spread, potentially leading to foreign fund outflows and keeping market sentiment cautious, the analyst said.
In Asian markets, South Korea’s KOSPI, Japan's Nikkei 225 index, Shanghai's SSE Composite index ended lower, while Hong Kong's Hang Seng index settled higher.
Markets in Europe were trading on a mixed note. US markets ended in positive territory on Friday.
"Indian equity benchmarks closed sharply lower, extending their recent weakness as a fresh surge in crude oil prices and renewed uncertainty surrounding US-Iran talks weighed heavily on investor sentiment. Selling remained broad-based through the session, with the broader market underperforming the frontline indices," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
On Friday, the Sensex climbed 315.20 points, or 0.43 per cent, to settle at 73,895.74. The Nifty was up 77.40 points, or 0.34 per cent, to end at 23,140.50.