MUMBAI — India’s benchmark equity indices closed lower on Monday, with the Sensex falling 372.10 points and the Nifty slipping below the 24,000 mark, as renewed hostilities between the United States and Iran unnerved investors and pushed oil prices higher. The 30-share BSE Sensex declined 372.10 points, or 0.48 per cent, to settle at 76,728.37. During the session, it had tanked 478.72 points to hit an intraday low of 76,621.75.
The broader 50-share NSE Nifty dropped 109.75 points, or 0.46 per cent, to end at 23,946.25. Geopolitical tensions escalated sharply over the weekend as the US and Iran exchanged attacks over the Strait of Hormuz, a critical chokepoint for global oil shipments.
The two sides later agreed to halt hostilities and renew talks, but analysts warned the deal’s durability remains in question. “Geopolitical tensions escalated sharply over the weekend as the US and Iran exchanged attacks over the Strait of Hormuz before agreeing to halt hostilities and renew talks, keeping losses in check, but raising serious questions over the deal’s durability and heightening the risk of a breakdown, leaving headline risk and volatility deeply embedded in market reactions,” said Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm.
Brent crude, the global oil benchmark, jumped 1.51 per cent to USD 73.09 per barrel. From the Sensex pack, Kotak Mahindra Bank was the biggest laggard, declining 3.24 per cent after the firm announced that its Managing Director and CEO, Ashok Vaswani, will quit upon completion of his three-year tenure and will not seek re-appointment when his current term ends on December 31, 2026.
Other major losers included Mahindra & Mahindra, Maruti, InterGlobe Aviation, UltraTech Cement and Larsen & Toubro. In contrast, stocks such as Eternal, Trent, Bharat Electronics and NTPC managed to close in positive territory. Asian markets presented a mixed picture.
South Korea’s Kospi settled lower, while Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended in positive territory. Markets in Europe were trading lower in mid-session deals. US markets had ended marginally lower on Friday.
Indian stock markets were closed on Friday for the Muharram holiday. Foreign Institutional Investors (FIIs) bought equities worth Rs 383.76 crore on Thursday, according to exchange data.
