Indian equities faced significant pressure on Monday, with the benchmark BSE Sensex dropping 958 points (1.3%) to 74,279, while the NSE Nifty index fell by 298 points (1.3%) to 23,347. The decline was largely driven by heightened geopolitical tensions following the expiration of the U.S. waiver on Russian oil sales and drone attacks in the Gulf region, which pushed oil prices higher and raised concerns over regional stability.
The market reaction was broad-based, with notable declines in key sectors. Tata Steel, despite reporting a more than 100% increase in Q4 net profit, saw its shares fall by 4%. Other companies, including Godfrey Philips India and ITC Hotels, also reported sharp declines following their earnings announcements. Additionally, Adani Ports and SEZ lost 2.7% amid news of a stake acquisition, while REC and PFC shares fell over 3% after a merger proposal was approved.
Market professionals should closely monitor the implications of rising oil prices and geopolitical tensions, as these factors could further impact sector performance and investor sentiment in the near term.
Source: nasdaq.com