Stock Market Today: Dalal Street in bear grip; Sensex under 76,000, Nifty down 2%

Indian equity benchmarks opened with steep losses on Monday after reports that the US Navy is set to block ships from Iranian ports following failed talks, triggering a spike in global crude oil prices and worsening risk sentiment.

The BSE Sensex fell 1,613.09 points, or 2.08 per cent, to 75,937.16 at 09:14 IST. The index opened at the same level, sharply below its previous close of 77,550.25.

The NSE Nifty 50 also saw heavy selling pressure. The index declined 479.45 points, or 1.99 per cent, to 23,571.15. It opened at 23,589.60, indicating a gap-down start.

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Global cues weigh

Asia-Pacific markets declined in early trade as the failed negotiations between the US and Iran dampened sentiment. Investors fear the conflict could last longer than expected, adding to global uncertainty.

Japan’s Nikkei 225 was down around 0.8 per cent, while Hong Kong’s Hang Seng fell करीब 1 per cent. Singapore’s STI and Malaysia’s KLCI also traded in the red, indicating broad-based weakness across the region.

China showed relative resilience. The CSI 300 edged slightly higher, while the Shanghai Composite remained largely flat, suggesting selective buying.

On Wall Street, US indices ended mixed on Friday. The S&P 500 and Dow Jones fell 0.11 per cent and 0.56 per cent, respectively, while the Nasdaq Composite rose 0.35 per cent.

Crude oil surge triggers risk-off

Crude oil prices surged sharply amid fears of supply disruption. Brent crude climbed above the $100 per barrel mark, trading around $101.71, up 6.84 per cent. WTI crude hovered near $104.25 per barrel.

In early trade on Monday, crude prices jumped as much as 11 per cent to cross $105 per barrel, intensifying risk-off sentiment across markets.

The spike follows reports that the United States Navy may begin blocking ships attempting to pass through the Strait of Hormuz after failed talks with Iran. The development has raised concerns about disruption in one of the world’s most critical oil supply routes.

The Strait of Hormuz handles over 20 per cent of global crude flows, making it a key chokepoint for energy markets. Any disruption here could have wide-ranging global impact.

Currency and commodities

The Indian rupee weakened sharply, falling 66 paise against the US dollar to Rs 93.35 per USD.

Precious metals also saw pressure, with gold futures declining around 1 per cent and silver dropping 2.68 per cent.

Sectoral trends

Energy and metal stocks were under pressure in early trade. Coal India traded at Rs 433.65, down 0.10 per cent, while NTPC fell 0.67 per cent to Rs 377.60. ONGC declined 1.01 per cent to Rs 283.60.

Metal stocks also saw selling. Tata Steel dropped 2.04 per cent to Rs 202.40, while JSW Steel fell 1.90 per cent to Rs 1,191.70.