Sensex fell 500 points, Nifty below 24,100 as US-Iran conflict escalated. HDFC Bank, Infosys, Wipro led losses. Crude spike and rupee weakness added pressure.
Indian equity benchmarks slid Monday as escalating US-Iran conflict rattled risk appetite. The Sensex dropped 500 points, while the Nifty slipped below the 24,100 mark, tracking a selloff in global markets.
Banking and technology stocks led the decline. HDFC Bank, Infosys, and Wipro were among the most actively traded names. HDFC Bank carries an Alpha Score of 48, labeled Mixed, reflecting a neutral near-term setup. Infosys scores 57 (Moderate), and Wipro scores 46 (Mixed), according to AlphaScala's proprietary model.
The trigger was a sharp rise in crude oil prices after reports of military strikes in the Gulf region. Higher energy costs threaten India's import bill and corporate margins, particularly for airlines and oil-dependent manufacturers.
Traders said the market's reaction was broad-based, with losses in auto, metal, and realty stocks. The rupee also weakened past 83.50 against the dollar, adding pressure on foreign portfolio flows.
No immediate ceasefire or diplomatic resolution has been announced. The next catalyst for sentiment will be the weekly crude inventory data from the US and any official statements from Tehran or Washington.
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