28 September,2026 04:56 PM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
The domestic equity benchmark indices plunged on Monday , amid soaring crude oil prices that jumped nearly 4 per cent due to the escalating tensions between US and Iran.
The 30-share BSE Sensex plummeted 1,124.02 points, or 1.52 per cent, to settle at 72,771.72. This was the lowest closing level since March 30, 2026, according to news agency PTI. The 50-share NSE Nifty tanked 360.25 points, or 1.56 per cent, to end at 22,780.25. This was near six-month low for the index, as per PTI.
"Information technology, consumer durables and healthcare were relatively resilient compared with the broader market. On the downside, PSU Banks, capital goods, industrials, telecom and utilities were among the major laggards, reflecting widespread selling pressure across financial and cyclical segments," Sachin Gupta, VP - Technical Research at Choice Equity Broking said.
From the 30 Sensex firms, 29 ended lower and only Infosys gained 0.20 per cent. Larsen & Toubro, Power Grid, Adani Ports, HDFC Bank, Hindustan Unilever, Reliance Industries and State Bank of India were the major laggards, with their stock tumbling over 2 per cent.
Shares of Larsen & Toubro declined 2.81 per cent, while Power Grid slipped 2.62 per cent, followed by Adani Ports that traded 2.38 per cent lower.
On Friday, the Sensex jumped 315.20 points, or 0.43 per cent, to settle at 73,895.74, while the Nifty edged up 77.40 points, or 0.34 per cent, to end at 23,140.50.
"Indian markets are likely to remain weak in the near term, tracking weak global cues, elevated Brent crude prices and rising global bond yields. Brent crude surged over 3.8 per cent to around USD 108 per barrel, while US President rejected an Iranian proposal to reopen the Strait of Hormuz, adding to geopolitical and global supply concerns," Siddhartha Khemka Head of Research, Wealth Management, Motilal Oswal Financial Services.
"Trump has also indicated that a potential peace deal or resolution with Iran could come only after the US midterm elections in November, limiting near-term hopes of de-escalation. Renewed security threats from Houthi rebels in the region are further keeping oil and inflation risks elevated," he added.
Brent crude, the global oil benchmark, jumped 3.81 per cent to USD 108.3 per barrel, according to PTI.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,693.93 crore on Friday.
"While rising US bond yields are narrowing the India-US yield spread, potentially leading to foreign fund outflows and keeping market sentiment cautious. Selling pressure remained broad-based across sectors as investors reassessed risk amid growing expectations of another Fed rate hike. In addition, market participants are likely to remain cautious ahead of the upcoming RBI policy decision, with global liquidity conditions, bond yield movements, oil prices, and policy signals expected to drive sentiment in the near term," Vinod Nair, Head of Research, Geojit Investments said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index settled lower, while Hong Kong's Hang Seng index ended higher.
(With inputs from PTI)
