India’s benchmark indices ended sharply lower on Monday as escalating geopolitical tensions stemming from the ongoing US–Iran conflict weighed on investor sentiment.
The Nifty 50 settled at 24,028.05, down 422.40 points or 1.73 percent. The index also entered the technical correction zone, having fallen more than 10 percent from its record high of 26,373, which it touched on January 5.
The Sensex ended at 77,566.16, declining 1,352.74 points or 1.71 percent.
Despite the steep losses, both indices recovered from their intra-day lows after oil prices softened during the session.
The Nifty rebounded around 160 points from its day’s low of 23,868.05, while the Sensex recovered nearly 1,142 points from the intra-day low of 76,424.55.
Broader markets underperformed the benchmark indices during the session. The Nifty MidCap Index closed 1.97 percent lower, while the Nifty SmallCap Index declined 2.22 percent.
Among sectoral indices, the Nifty PSU Bank Index was the worst performer, falling 3.97 percent amid heavy selling in public sector banking stocks.
In contrast, the Nifty IT Index showed relative resilience, ending marginally higher. The index rose 0.08 percent to close at 30,162.05.
(With inputs from IANS)
