Daijiworld Media Network – Mumbai

Mumbai, Jun 9: Benchmark equity indices ended sharply lower on Monday as a surge in global crude oil prices dampened investor sentiment and triggered broad-based selling across sectors.

The 30-share BSE Sensex fell 719.08 points, or 0.97 per cent, to close at 73,524.26, while the 50-share Nifty 50 declined 243.70 points, or 1.04 per cent, to settle at 23,123.

During the session, the Sensex touched a high of 73,934.35 and a low of 73,318.94, swinging over 615 points. The Nifty recovered partially from its intraday low of 23,070 but failed to sustain gains in the latter half of the trading session.

Market analysts attributed the decline largely to concerns over rising international crude oil prices, which climbed more than 4.8 per cent and crossed the USD 94 per barrel mark, raising fears of inflationary pressures and higher input costs.

Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Pvt Ltd, said the overall market sentiment remained cautiously negative as the indices continued to trade below key resistance levels despite attempts at recovery during the day.

Among the Sensex constituents, only seven stocks ended in the green while 23 closed lower. Gains were led by Power Grid Corporation of India, which rose 1.79 per cent. Other gainers included Tech Mahindra, Bharat Electronics Limited, Bharti Airtel and State Bank of India.

On the losing side, shares of Eternal emerged as the biggest laggard, declining 3.24 per cent. Other stocks that faced pressure included IndiGo, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services.

The broader market sentiment was also weak, with only nine stocks in the Nifty 50 ending higher while 41 stocks closed in negative territory.

Global markets mirrored the cautious mood. In Asia, major indices witnessed significant declines. The Kospi plunged 8.29 per cent, while Japan's Nikkei 225 fell 3.85 per cent. Markets in China and Hong Kong also ended lower.

European markets were trading in negative territory during the day.

On Friday, US markets had recorded steep losses, with the Nasdaq Composite falling 4.18 per cent, the S&P 500 dropping 2.64 per cent and the Dow Jones Industrial Average declining 1.35 per cent.

Market participants are expected to closely monitor crude oil prices, global geopolitical developments and upcoming economic data for further cues on market direction.