The Indian stock market opened in the red on Monday amid escalating US-Iran tensions and a sharp surge in crude oil prices, which weighed heavily on investor sentiment. The Sensex tanked over 700 points, or nearly 1 per cent, to an intraday low of 77,445, while the Nifty 50 declined over 180 points, or almost 1 per cent, to an intraday low of 24,150.
However, while large-cap stocks came under pressure, the Nifty Midcap and Smallcap segments remained resilient.
The Nifty Midcap index rose 0.20 per cent, while the Smallcap 100 index gained 0.30 per cent during early trade.
Profit booking in banking and financial heavyweights was the major reason behind the market’s decline.
HDFC Bank, Axis Bank, and Kotak Mahindra Bank were the top drags on the Sensex around 10 AM.
Axis Bank shares plunged nearly 6 per cent, HDFC Bank dropped 5 per cent, and Kotak Mahindra Bank shed 3.5 per cent in morning trade.
The Nifty Bank index fell around 1.6 per cent, while the Financial Services index crashed 2 per cent.
Besides domestic factors, weak international cues due to the escalating situation between Iran and the United States also weighed on investor sentiment.
The trend was visible across broader Asian markets, which opened lower on Monday, with South Korea’s Kospi dropping around 5 per cent during the session.
Also read: Rupee drops 12 paise to 96.40 against US dollar in early trade
Follow us
