The Indian stock market witnessed severe decline on Monday, extending losses for the third consecutive session as broad-based selling intensified amid escalating concerns over the ongoing US-Iran conflict. The Sensex crashed 1,312.91 points, or 1.70%, to settle at 76,015.28, while the Nifty 50 dropped 360.30 points, or 1.49%, to end at 23,815.85. During intraday trading, the Sensex tumbled as much as 1,370.79 points or 1.77% to 75,957.40. The latest sell-off was triggered by the absence of any breakthrough in the US-Iran war, after US President Donald Trump dismissed Iran's response to the latest peace proposal as 'totally unacceptable', dampening hopes of an immediate diplomatic breakthrough. In three sessions since Thursday, Nifty dropped over 2% or 515 points, while Sensex has fallen by nearly 1,950 points or 2.5%. The benchmark Nifty has declined 0.5% over the past one month and has fallen nearly 7.7% in the last three months, with Monday's decline below the crucial 24,000 mark further weakening near-term sentiment. The BSE MidCap Select index tanked 1.09% and BSE SmallCap Select index declined 0.44%, showing significant underperformance in broader markets. The volatility index India VIX soared 10.21% to 21.01 levels, reflecting increased investor uncertainty amid the geopolitical tensions.
The market decline was broad-based across most sectors, with only selective segments managing to hold ground. Except for Nifty IT (0.23%) and Nifty Media (0.20%), all other sectoral gauges ended in red. Consumer Durables index tumbled 3.76%, Realty (2.74%), MidSmall Private Banks Quality Tilt (2.60%), BSE PSU Bank (2.28%), Consumer Discretionary (2.14%) and Power (2.13%). BSE Healthcare and Hospitals were the winners. Titan, a leading jewellery and fashion accessories company, was the biggest loser among Sensex companies, dropping by nearly 7%, while InterGlobe Aviation, State Bank of India, Bharti Airtel, Eternal and Reliance Industries were among the major laggards. Among other sectors, PSU Bank index slipped 3%, Oil & Gas index shed 1%, while Private Bank, Metal, Energy, Power, and Realty declined 0.5% each. However, Sun Pharma, Hindustan Unilever, Adani Ports, Kotak Mahindra Bank, Axis Bank and ICICI Bank were the winners. From the 30-Sensex firms, Mahindra & Mahindra, Axis Bank, HDFC Bank, Eternal, Bajaj Finance and Tata Steel were among the laggards, while Asian Paints, Tech Mahindra, Adani Ports and HCL Tech were among the winners. Among Nifty constituents, Tata Consumer Products and Max Healthcare Institute emerged as the top gainers, while Titan Company and InterGlobe Aviation were among the biggest laggards. A total of 2,892 stocks declined, while 1,457 advanced and 189 remained unchanged on the BSE.
The banking sector faced significant pressure, with Nifty PSU Bank declining 2.28% and Nifty Bank losing around 2.60%. According to latest reports, State Bank of India tanked 6.62% after its March quarter earnings, while HDFC Bank, Bajaj Finance, Axis Bank, UltraTech Cement and Mahindra & Mahindra were also among the laggards. The Nifty Energy sector lost over 0.8%, with Gujarat Gas and INOX Wind being the top losers. The Nifty Metal sector lost 2.09%, snapping the 4th consecutive gaining session, with Vedanta and Jindal Stainless dragging the index. The Nifty Healthcare sector declined 1.62%, while Consumer Durables and FMCG were the only sectors to end in green. As per ETMarkets, around 1,783 stocks declined on the NSE, while 1,501 advanced and 101 remained unchanged, reflecting the broad-based nature of the market decline. Meanwhile, the Bank Nifty traded within a narrow 551-point range, its tightest trading band since April 22, before ending the session marginally higher by 0.12% above the 56,000 mark. The Bank Nifty index also ended lower for the second straight session, reflecting sustained weakness in the banking space, with the index currently trading below its key moving averages which are gradually sloping downward.
Brent crude, the global oil benchmark, traded 2.23% higher at $103.5 per barrel, with Brent crude emerging as the key market trigger, surging 4% to around USD 105.7 per barrel, intensifying concerns around imported inflation and India's external balances. Jewellery stocks faced heavy selling pressure, with Sky Gold and Senco Gold falling over 12% intra-day before closing lower by over 6%. Senco Gold closed 7.8% lower after falling 10% in the day trade. Prime Minister Narendra Modi's appeal for austerity measures amplified investor concerns around India's forex reserves, fuel costs, and consumption outlook. Addressing a rally organised by the Telangana BJP in Hyderabad, he suggested reducing petrol and diesel consumption, using metro rail services in cities, carpooling, increased use of electric vehicles (EVs), utilising railway services for parcel movement, and working from home to conserve foreign exchange amid the crisis in West Asia. Stressing the need to conserve foreign exchange amid the crisis, Mr. Modi called for postponing gold purchases and foreign travel for one year, saying 'We have to save foreign exchange by any means'. While global uncertainty surrounding the US-Iran conflict and surging crude oil prices had already weakened sentiment, the Prime Minister's appeal for austerity measures amplified investor concerns around India's forex reserves, fuel costs, and consumption outlook.
Despite the overall market decline, some individual stocks managed to outperform significantly. As reported by The Hindu, Titan emerged as the top performer with a 4.76% jump after reporting strong quarterly results, while SBI and Coal India were the worst performers. The Nifty Midcap index declined 1.09% and the Nifty Smallcap index fell 0.44%, showing significant underperformance in broader markets. For the week, BSE Sensex jumped 0.5% and Nifty50 index rose 0.7%, indicating resilience despite the daily decline. As many as 2,935 stocks traded on the NSE on Thursday, with 2,027 declining and only 820 advancing, while 88 scripts remained unchanged. A total of 26 stocks hit their 52-week highs, while 52 stocks touched their one-year lows, with 73 stocks hitting their upper circuit limits and 61 touching their lower circuit bands. NSE-listed firms lost ₹4.68 lakh crore in market capitalisation as it stood at ₹416.69 lakh crore at the end of the session. Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,110.60 crore on Friday, adding to the bearish sentiment, though on Wednesday, FIIs had bought equities worth ₹2,585.86 crore on a net basis.
