Mumbai, Jun 1 (PTI) Benchmark stock indices Sensex and Nifty fell for the fourth straight session on Monday due to selling in FMCG, financial and auto shares amid elevated crude oil prices and uncertainty over the US-Iran 60-day ceasefire.
The 30-share BSE Sensex dropped 508.40 points, or 0.68 per cent, to settle at 74,267.34. During the day, it hit a high of 75,367.93 and a low of 74,203.68, gyrating 1,164.25 points.
Falling for the fourth consecutive day, the 50-share NSE Nifty edged lower by 165.15 points, or 0.70 per cent, to end at 23,382.60.
Among 30 Sensex firms, Hindustan Unilever, ITC, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank and Bajaj Finance were among the major laggards.
Tech Mahindra, Infosys, Tata Consultancy Services, InterGlobe Aviation, HCL Tech and Tata Steel were the gainers.
Brent crude, the global oil benchmark, traded 3.34 per cent higher at USD 94.16 per barrel.
“Indian equity markets ended lower as renewed hostilities between the US and Iran reignited concerns over regional stability, with the conflict now entering its fourth month and the Strait of Hormuz remaining closed.
“The Nifty opened marginally higher but gradually came under sustained selling pressure as hopes of a near-term diplomatic breakthrough faded, reinforcing a cautious risk-off mood across markets,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 21,105.86 crore on Friday, according to exchange data.
“Recent US strikes and the escalation in cross-border hostilities between Israel and Lebanon have exerted selling pressure on equity markets, reflecting heightened geopolitical uncertainty and a shift towards risk-off sentiment. However, as the conflict has now entered its fourth month, participants are increasingly anticipating potential diplomatic progress in the near term,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea’s benchmark Kospi, Japan’s Nikkei 225 index and Hong Kong’s Hang Seng index ended higher, while Shanghai’s SSE Composite index settled lower.
Markets in Europe were trading higher.
US markets ended in the positive territory on Friday.
On Friday, the Sensex tumbled 1,092.06 points, or 1.44 per cent, to settle at 74,775.74. The Nifty dived 359.40 points, or 1.50 per cent, to end at 23,547.75.
