Indian stock indices extended their losing streak on Monday, influenced by rising crude oil costs and ongoing geopolitical tensions in West Asia, as investors remained cautious amid sector rotations and mixed global cues.
Indian shares extended their decline on Monday, with the Sensex closing down 281.09 points, or 0.36%, at 77,728.16 and the Nifty slipping 78.35 points, or 0.32%, to 24,287.65. It was the fifth straight session of losses for the broader market, as investors continued to trim exposure to information technology, fast-moving consumer goods and telecom stocks.
The selling came as Brent crude rose 1.11% to $89.50 a barrel, adding to concern that higher energy costs could pressure corporate margins and stoke inflation. Market participants also pointed to lingering tension in West Asia, with uncertainty around the US-Iran conflict and little sign of progress on reopening the Strait of Hormuz.
Among the day’s biggest drags on the Sensex were Infosys, HCL Tech, Sun Pharma, Tata Consultancy Services, Tech Mahindra and ITC. On the other side of the ledger, Tata Steel, Axis Bank, Reliance Industries and Bharat Electronics advanced. The BSE SmallCap Select index rose 0.38%, while the MidCap Select index slipped 0.11%, suggesting a mixed picture beneath the headline losses.
Sectorally, IT led declines, falling 1.74%, followed by telecom, FMCG and healthcare-related shares. Realty and metal stocks outperformed, while broader global cues were mixed: Asian markets mostly finished higher, European shares were uneven and Wall Street ended lower on Friday. Foreign institutional investors bought equities worth Rs 508.12 crore on Friday, but that was not enough to offset the cautious tone in domestic trade.
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