Benchmark equity indices started the week in the red, as rising geopolitical tensions around Iran and a spike in crude oil prices dampened investor sentiment.
The S&P BSE Sensex fell 1,066 points to 72,516 in early trade, while the NSE Nifty50 declined 316 points to around 22,503, reflecting broad-based selling across sectors.
Analysts urged caution amid the volatility. Hitesh Tailor of Choice Equity Broking said investors should adopt a disciplined approach, focusing on fundamentally strong stocks during corrections rather than chasing short-term gains. He added that fresh buying interest may emerge only if Nifty decisively sustains above the 24,000 level, signalling a potential recovery.
Among individual stocks, Bharat Electronics Limited led the early gainers, followed by Reliance Industries and Power Grid Corporation of India.
On the downside, banking and financial stocks were under pressure. Axis Bank dropped over 4%, while Kotak Mahindra Bank and State Bank of India also posted sharp losses. Trent Limited and Bajaj Finserv were among other notable laggards.
Market volatility picked up, with the India VIX rising more than 5%. Broader markets remained weak, as midcap and smallcap indices slipped over 1% each.
Sectorally, most indices traded lower, led by PSU banks, private banks and financial services. Auto, healthcare, pharma, IT, FMCG and realty stocks also saw selling pressure.
However, metals bucked the trend, supported by firm commodity prices, while oil & gas and media indices registered modest gains, providing limited support to the market.
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