Stock markets end down on rise in crude prices; global concerns

Benchmark stock indices Sensex and Nifty fell for the fourth straight session on Monday due to selling in FMCG, financial, and auto shares amid elevated crude oil prices and fresh turmoil in West Asia.

The 30-share BSE Sensex dropped 508.40 points, or 0.68%, to settle at 74,267.34. During the day, it hit a high of 75,367.93 and a low of 74,203.68, gyrating 1,164.25 points. Falling for the fourth consecutive day, the 50-share NSE Nifty edged lower by 165.15 points, or 0.70%, to end at 23,382.60.

"Indian equity markets ended lower as renewed hostilities between the US and Iran reignited concerns over regional stability, with the conflict now entering its fourth month and the Strait of Hormuz remaining closed. The Nifty opened marginally higher but gradually came under sustained selling pressure as hopes of a near-term diplomatic breakthrough faded, reinforcing a cautious risk-off mood across markets," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said. Brent crude, the global oil benchmark, traded 3.34% higher at $94.16 per barrel.               

-PTI