Mkt on Monday: Sensex Slides 1%, Oil Rises, Banks & Auto Slump, Metals Shine

  • Stock Market News
Mkt on Monday: Sensex Slides 1%, Oil Rises, Banks & Auto Slump, Metals Shine
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices ended a volatile session lower, after returning from a long weekend on Monday, snapping its last week’s rally, as the Russia-Ukraine disturbances elevated oil prices, exerting inflationary pressures on investors.

Fears looming around a potential default on sovereign debt by Russia added caution to the investors’ mood on Monday, with FMCG, financial, auto and bank stocks pulling the domestic market down.

Benchmark indices Nifty 50 ended 0.98% lower and BSE Sensex lost 571.44 points or 0.99% on Monday, while strong gains in most metal stocks provided support to the market.

The Russia-Ukraine crisis depicted no significant signs of improving, and a potential ban on oil import from Russia to Europe drove oil prices higher, with the Brent crude surging past $110/barrel in the session.

Rising oil prices led to a sell-off on Dalal Street due to fears of inflationary pressures. According to Religare Broking, the markets are at present ‘dancing to the global tunes’ and this is likely to continue in the near term.

Broader market indices ended on a mixed note, with NIFTY Smallcap 100 rising 0.23%, Nifty 500 declining 0.8% and NIFTY Midcap 100 losing 0.28%.

On the sectoral front, only three out of 11 indices under the Nifty basket ended in green, led by Nifty Metal surging 1.5%, while Nifty FMCG slumped the most, declining 1.72% and Nifty Auto sliding 1.21%. 

Nifty Bank ended at 1.31% lower. Nifty IT , which surged up to 1.4% earlier in the session, post strong numbers from Accenture (NYSE: ACN ), ended 0.75% lower on Monday.

Coal India (NS: COAL ) and Hindalco (NS: HALC ) surged over 2-3.3% on the Nifty index, while Britannia Industries (NS: BRIT ) and Grasim (NS: GRAS ) tanked the most.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles