Sensex, Nifty decline amid geopolitical tensions, elevated crude oil prices

The domestic benchmark equity indices declined on Monday amid concerns over crude oil availability due to geopolitical uncertainties ahead of fresh US sanctions on IranMarket movementThe 30share BSE Sensex shed 17172 points or 022 per cent to settle at 7736911 The 50share NSE Nifty dipped 3295 points or 014 per cent to end at 2421905 The market indices had opened in the positive territory buoyed by the slight easing in the global crude oil pricesIndian benchmark indices turned lower during the afternoon session after giving up their early gains as investors remained cautious amid elevated crude oil prices and uncertainty surrounding potential fresh US sanctions on Iran However selective buying in IT Metal and Realty stocks helped limit the downside with the Nifty managing to hold above the crucial 24200 mark at close Bajaj Broking Research saidOn Friday the Sensex gained just 311 points to end at 7754083 while the Nifty advanced 2015 points or 008 per cent at 24252During last week the Sensex declined 46842 points or 060 per cent while the Nifty slipped 114 points or 047 per cent due to the elevated crude oil pricesAmong the Sensex constituents Tata Steel HCL Tech Infosys and Hindustan Unilever were among the major gainers Adani Ports Bharat Electronics Bajaj Finance Bajaj Finserv Trent Axis Bank State Bank of India and Tata Consultancy Services TCS were among the laggards TCS shares had gained in the initial trade but the stock ended 065 per cent lowerOn the sectoral front Metal Realty Energy and IT emerged as the key gainers supported by selective buying interest On the downside Banking Financial Services and Media remained the key laggards with profit booking weighing on these sectors Bajaj Broking Research saidGlobal factors impacting equitiesCaution dominated market sentiment as investors are awaiting fresh sanctions from the US on Iran later today Brent crude eased on profittaking but remained above the USD 90 per barrel mark supported by concerns over tighter Iranian oil supplies and ongoing tensions around the Strait of Hormuz Against this backdrop coupled with the RBIs recent hawkish stance domestic bond yields moved higher dampening risk appetite Tracking weak Asian markets Indian equities drifted lower through the day with large caps underperforming broader markets Vinod Nair Head of Research Geojit Investments saidIn Asian markets South Koreas Kospi Japans Nikkei 225 Shanghais SSE Composite index and Hong Kongs Hang Seng index all ended lowerIndian equities are expected to remain lacklustre amid mixed global cues and a lack of domestic triggers Geopolitical tensions remain elevated amid the prospect of fresh US sanctions on Iran while sectoral and newsspecific action is likely to remain in focus Siddhartha Khemka Head of Research Wealth Management Motilal Oswal Financial Services saidAccording to news agency PTI Brent crude the global oil benchmark dropped 168 per cent to USD 9280 per barrel while Foreign Institutional Investors FIIs offloaded equities worth Rs 54271 crore on FridayWith inputs from PTI