Indian equity markets opened the week sharply lower on Monday, September 28, with the Sensex plunging more than 700 points in early trade as surging crude oil prices and escalating tensions between the United States, Iran and Israel rattled investor sentiment.
The weak opening reversed Friday's brief recovery, which had followed a seven-session losing streak. At 9:17 am, the Sensex was down 512.04 points, or 0.69 per cent, at 73,383.70. Selling gathered pace as the session progressed — the fall widened to more than 690 points by 9:21 am, and within three more minutes the index was down around 700 points.
Oil surges on Hormuz impasse
Crude oil was the market's biggest worry. Brent crude futures climbed 2.1 per cent to $106.49 a barrel, taking their gains for September to nearly 18 per cent, while US crude futures rose 1.5 per cent to $93.84.
The spike followed a weekend roadblock in talks between Washington and Tehran. US President Donald Trump said he had rejected an Iranian proposal to reopen the Strait of Hormuz and end the fighting, though he added that talks would continue this week. Iran, meanwhile, said on Sunday that diplomacy remained the only way to resolve the conflict involving the US and Israel.
For India, a major crude importer, higher oil prices feed directly into inflation and import-bill concerns, making every move in the energy market a key input for domestic investors. Early signals had already pointed to a cautious start, with GIFT Nifty futures trading at 23,111 at 7:41 am against Friday's Nifty close of 23,140.50.
Foreign investors keep selling
Foreign investors remained cautious on Indian equities. According to provisional data cited by Reuters, they sold Indian shares worth Rs 3,694 crore on Friday. Their total selling in September has now reached around $1.8 billion, while selling for the year so far stands at $25.86 billion.
Friday had offered a brief respite, with the Sensex gaining 315.20 points (0.43 per cent) to close at 73,895.74 and the Nifty rising 77.40 points (0.34 per cent) to 23,140.50. Monday's sell-off wiped out those gains within minutes of the opening bell.
Sources: Sensex tumbles over 700 points, Nifty slips as crude oil crosses $100 — Oneindia
The weak opening reversed Friday's brief recovery, which had followed a seven-session losing streak. At 9:17 am, the Sensex was down 512.04 points, or 0.69 per cent, at 73,383.70. Selling gathered pace as the session progressed — the fall widened to more than 690 points by 9:21 am, and within three more minutes the index was down around 700 points.
Oil surges on Hormuz impasse
Crude oil was the market's biggest worry. Brent crude futures climbed 2.1 per cent to $106.49 a barrel, taking their gains for September to nearly 18 per cent, while US crude futures rose 1.5 per cent to $93.84.
The spike followed a weekend roadblock in talks between Washington and Tehran. US President Donald Trump said he had rejected an Iranian proposal to reopen the Strait of Hormuz and end the fighting, though he added that talks would continue this week. Iran, meanwhile, said on Sunday that diplomacy remained the only way to resolve the conflict involving the US and Israel.
For India, a major crude importer, higher oil prices feed directly into inflation and import-bill concerns, making every move in the energy market a key input for domestic investors. Early signals had already pointed to a cautious start, with GIFT Nifty futures trading at 23,111 at 7:41 am against Friday's Nifty close of 23,140.50.
Foreign investors keep selling
Foreign investors remained cautious on Indian equities. According to provisional data cited by Reuters, they sold Indian shares worth Rs 3,694 crore on Friday. Their total selling in September has now reached around $1.8 billion, while selling for the year so far stands at $25.86 billion.
Friday had offered a brief respite, with the Sensex gaining 315.20 points (0.43 per cent) to close at 73,895.74 and the Nifty rising 77.40 points (0.34 per cent) to 23,140.50. Monday's sell-off wiped out those gains within minutes of the opening bell.
Sources: Sensex tumbles over 700 points, Nifty slips as crude oil crosses $100 — Oneindia
