Mumbai: Stock market benchmark indices Sensex and Nifty nosedived over 1 per cent on Monday as investors’ sentiment were hit hard following a sharp spike in crude oil prices amid escalating tensions in West Asia.
Weak trends in global markets and heavy foreign fund outflows also dented sentiments.
The 30-share BSE Sensex tanked 2,743.46 points or 3.37 per cent to 78,543.73 in early trade. It later ended at 80,238.85, down 1,048.34 points or 1.29 per cent.
The 50-share NSE Nifty tumbled 575.15 points or 2.28 per cent to 24,603.50 in intra-day trade. The benchmark later settled 312.95 points or 1.24 per cent down at 24,865.70.
From the Sensex pack, InterGlobe Aviation, Larsen & Toubro, Adani Ports, Maruti, Asian Paints, and Bajaj Finserv were among the biggest laggards.
Bharat Electronics, Sun Pharma and ITC were the only gainers.
Brent crude, the global oil benchmark, jumped 8.34 per cent to $78.95 per barrel.
“Indian equity markets closed with a bearish undertone after opening sharply lower in response to the deepening military conflict across the Middle East, which pushed crude oil prices markedly higher,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
The market capitalisation (mcap) of BSE-listed companies eroded by Rs 6,59,978.08 crore to Rs 4,56,90,693.19 crore ($5 trillion).
The BSE smallcap select index tanked 1.81 per cent and midcap select index dropped 1.67 per cent.
Among sectoral indices, services tumbled 3.81 per cent, consumer durables (2.30 per cent), auto (2.23 per cent), consumer discretionary (2.16 per cent), oil & gas (2.15 per cent), industrials (2.14 per cent) and energy (2.06 per cent).
A total of 3,561 stocks declined, while 821 advanced and 146 remained unchanged on the BSE.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,536.36 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 12,292.81 crore.