Sensex Tumbles 1,100 Points, Nifty Slides to 23,870: Geopolitical Tensions, Crude Spike Rattle Dalal Street
The BSE Sensex plummeted 1,092.90 points to 76,235.29, while the Nifty 50 dropped 305.90 points to 23,870.25 on Monday morning. Triggered by a spike in Brent crude and escalating US-Iran friction, the crash wiped out approximately ₹4.8 lakh crore in investor wealth. Banking heavyweights and auto stocks led the decline, with the India VIX surging over 8% to reflect heightened market anxiety.
- Republic Business
- 1 min read
Domestic sentiment soured as the BSE Sensex opened at 77,328.19 before diving to a low of 76,235.29 by 10:30 IST. The Nifty 50 followed suit, breaching the psychological support of 24,000 to hit an intraday low of 23,845.30. Analysts point to the 2.1% jump in Brent crude prices, now hovering near $86 per barrel, as a primary concern for India’s inflation outlook.
Heavyweights Drag Indices Lower
Financials bore the brunt of the selling pressure. SBI shares fell 3.4% to trade at ₹812.20, while HDFC Bank slipped 1.8% to ₹1,495.45. The Nifty Bank index shed over 650 points in early trade. Auto stocks were also under fire; Tata Motors dropped 2.2% to ₹945.10 on fears of supply chain disruptions in the Strait of Hormuz.
Small-Cap Resilience and Outliers
Despite the broader rout, specific counters bucked the trend. Shipping Corporation of India (SCI) surged 7.4% to ₹258.15 following a robust 118% year-on-year jump in net profit. Meanwhile, Titan Company showed marginal resilience, trading flat at ₹3,280.10 as investors sought safety in consumer discretionary stocks.