Sensex Falls 1.71%, Nifty Drops 1.73% As Crude Surges And Weak Rupee Trigger Sell-Off

Indian equity markets extended their decline on Monday as a surge in global crude oil prices, weak global market trends, and the rupee touching a record low weighed on investor sentiment, according to data from the Bombay Stock Exchange and the National Stock Exchange.

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The BSE Sensex closed at 77,566.16, down 1,352.74 points or 1.71%. During the session, the index fell to an intraday low of 76,424.55 before recovering part of the losses.

The NSE Nifty 50 ended at 24,028.05, down 422.40 points or 1.73%. The index had dropped to a low of 23,697.80 during the trading session before recovering in the later hours.
Market Capitalisation And Broader Indices

The market capitalisation of companies listed on the Bombay Stock Exchange declined by more than ₹8 lakh crore during the session, falling to about ₹441 lakh crore, according to exchange data.

Broader markets underperformed the benchmark indices. The Nifty Midcap and Nifty Smallcap indices both declined about 2% during the trading session.

More than 850 stocks touched their 52-week lows on Monday. These included companies such as Swan Corp, InterGlobe Aviation, Gujarat Narmada Valley Fertilizers & Chemicals, PNB Housing Finance, Birla Corporation, BLS International, Sterling and Wilson Renewable Energy, RHI Magnesita India, Just Dial, Asian Paints, Nuvoco Vistas Corporation, REC, Berger Paints, JK Lakshmi Cement, Rashtriya Chemicals and Fertilizers, GAIL, and Inox Wind, according to exchange data.

Sectoral Indices End In Negative Territory

All sectoral indices on the National Stock Exchange ended lower. Indices tracking Auto, Capital Goods, Consumer Durables, Metal, PSU Banks, Oil & Gas, and Private Banks declined between 2% and 4% during the session.

Among Nifty stocks, Tata Motors Passenger Vehicles, Eicher Motors, Bajaj Auto, UltraTech Cement, and Maruti Suzuki were among the major losers.

Some stocks ended higher during the session, including Wipro, Sun Pharmaceutical Industries, Apollo Hospitals Enterprise, Reliance Industries, and Infosys, according to National Stock Exchange data.
Stock-Specific Developments

Shares of R Systems International rose about 20% after the company announced an interim dividend, according to exchange filings.

Meesho’s share price declined about 10% after the company received a notice from the Income Tax Department. Paras Defence and Space Technologies shares fell about 4% despite securing an order worth ₹80.28 crore.

Cupid shares rose about 15% as the stock traded ex-bonus, while Kwality Wall’s (India) shares declined about 2.2% after the company reported wider quarterly losses.

Shares of Hindustan Petroleum Corporation, Bharat Petroleum Corporation, and Indian Oil Corporation declined between 4% and 6% after a brokerage downgrade, according to exchange data.

South West Pinnacle Exploration shares gained about 5.6% after signing a long-term contract worth ₹307 crore, while Izmo shares rose about 5% after its subsidiary announced entry into India’s defence electronics sector.

The decline in equities came as global crude oil prices surged sharply amid geopolitical tensions in West Asia, which also contributed to volatility in global financial markets, according to Reuters.