Mumbai: Escalating geopolitical tensions in the Middle East and a sharp rise in international crude oil prices triggered a broad sell-off in the Indian stock market on Monday. The benchmark indices, Sensex and Nifty, opened sharply lower as investors turned cautious amid weak global cues and concerns over energy prices.

After posting gains for two consecutive trading sessions, the domestic market witnessed heavy selling at the start of the week. The BSE Sensex plunged 616.15 points to 76,946.97, while the NSE Nifty declined 190.50 points to 24,015 in early trade.

Market experts said that mounting tensions in the Middle East have raised fears of disruptions to global energy supplies, pushing crude oil prices higher. As India imports a significant portion of its crude oil requirements, rising oil prices are expected to increase inflationary pressures and widen the country’s trade deficit, prompting investors to book profits.

Among the Sensex constituents, InterGlobe Aviation, Tata Steel, Maruti Suzuki, Asian Paints, HDFC Bank, and Bajaj Finserv were the major losers in early trade. On the other hand, Tata Consultancy Services (TCS), NTPC, HCLTech, and Power Grid Corporation traded in positive territory.

The international benchmark Brent crude rose 3.96% to USD 79.02 per barrel, reflecting growing concerns over the geopolitical situation in the Middle East. Analysts believe the surge in crude prices has dampened investor sentiment across global equity markets.

Asian markets also remained under pressure. South Korea’s Kospi index fell nearly 7%, while Japan’s Nikkei 225, China’s SSE Composite, and Hong Kong’s Hang Seng also traded lower.

U.S. markets had ended higher on Friday. According to exchange data, Foreign Institutional Investors (FIIs) remained net buyers, purchasing Indian equities worth ₹2,603.72 crore on Friday.

In the previous trading session, the BSE Sensex had gained 827.57 points to close at 77,569.39, while the NSE Nifty advanced 244.10 points to settle at 24,206.90, making Monday’s decline a sharp reversal in market sentiment.