The BSE Sensex dropped 547.65 points on Monday, driven by selling in banking, IT, and FMCG sectors amid rising crude prices and foreign fund outflows.
The benchmark BSE Sensex fell 547.65 points, or 0.76%, to close below the 72,000 mark on Monday. The 30-share index erased its initial gains as investors reacted to a spike in crude oil prices and persistent concerns over potential interest rate hikes.
Heavy selling concentrated in the banking, FMCG, and IT sectors weighed on the market. This downward pressure was further intensified by unabated outflows of foreign funds, contributing to the overall market decline.
Indian equities rebounded Friday as easing crude prices and US-Iran agreement progress lifted sentiment.
The Nifty 50 and Sensex record their longest decline in 25 years amid record foreign outflows and rising crude prices, while the RBI eyes a possible rate hike.
Saudi Arabia has resumed crude oil loadings at Yanbu port on the Red Sea following partial restoration of the East-West pipeline system.
Analysts say crude oil, global bond yields and the new US tariff powers on Russian oil imports will dominate Indian market sentiment this week.