(RTTNews) – Indian shares slumped on Monday, tracking weak cues from global markets as investors fretted about escalating tensions between Iran and Israel and its potential impact on crude oil prices, inflation and the likelihood of rate cuts.
The benchmark S&P BSE Sensex was down 734 points, or 1 percent, at 73,510 while the broader NSE Nifty index fell 228 points, or a little over 1 percent, to 22,291.
Bajaj FinServ, Adani Enterprises, Tata Motors and Tata Consumer Products declined 2-3 percent in the Nifty pack while oil explorer ONGC jumped 2.4 percent.
Hindalco climbed nearly 2 percent as aluminum and nickel futures jumped to multi-month highs following fresh sanctions by the U.S. and U.K. targeting Russian metals.
State-run oil marketing companies BPCL, HPCL and IOC all fell around 3 percent after Brent crude futures climbed above $92 for the first time in nearly six months on Friday.
Vedanta dropped 1.3 percent on fund raising reports.
TCS gained 0.6 percent after Q4 profit rose 9 percent year-on-year, beating estimates.
Vodafone Idea added 1.6 percent after it announced the price band for a Rs. 18,000-crore follow-on public offering.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
https://www.nasdaq.com/articles/sensex-nifty-tumble-on-weak-global-cues-0
