Oil's sharp rebound from weekend escalation in West Asia drove a broad selloff. HDFC Bank fell with the market. Brent crude topped $79.
Alpha Score of 41 reflects weak overall profile with poor momentum, weak value, moderate quality, moderate sentiment.
Indian shares opened lower by more than 1% Monday after oil prices surged on fresh West Asia tensions, snapping two days of gains.
The Bombay Stock Exchange Sensex fell 616 points, or roughly 0.8%, to 76,947 in early trading. The NSE Nifty 50 index lost 190 points, to 24,015.
Brent crude jumped almost 4% to $79.02 a barrel, the biggest single-session move in weeks, after geopolitical risks rose over the weekend. A market analyst cited the oil rebound as the trigger for the selloff, weighing on broader sentiment.
HDFC Bank was among the worst performers on the Sensex, alongside Tata Steel and InterGlobe Aviation. The bank's stock fell in line with the broader market, losing about 1.5%. A more detailed view is available on its HDB stock page.
Gainers were few: Tata Consultancy Services, NTPC, HCL Tech, and Power Grid held positive.
Asian peers were under similar pressure. South Korea's Kospi slid nearly 7%. Japan's Nikkei, Shanghai's SSE Composite, and Hong Kong's Hang Seng also traded lower.
Foreign institutional investors – net buyers of $2,603 crore in local equities on Friday – did not have a presence deep enough to offset the early sell pressure, market participants said.
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