Realty, media and oil & gas stocks drag indices lower in early trade
Indian equity benchmarks opened sharply lower on Monday, tracking a global sell-off triggered by escalating tensions in West Asia following US–Israel strikes on Iran.
The BSE Sensex dropped 1,100 points at the opening bell, while the NSE Nifty 50 fell 330 points, reflecting a gap-down start to the week. Broader indices were also under pressure. The Nifty Midcap 100 opened at 57,090.80 compared to its previous close of 59,115.60, and the Nifty Smallcap 100 began trading at 16,289.60 against Friday’s close of 16,928.90.
Among sectoral indices, Nifty Realty emerged as the biggest drag in early trade, with stocks such as Signatureglobal, Godrej Properties and Lodha Developers declining. Nifty Media and Nifty Oil & Gas also traded lower as sentiment remained fragile.
Top losers in the opening session included Aki India Ltd., Rajesh Exports Ltd., InterGlobe Aviation Ltd., Birla Corporation Ltd., and Future Lifestyle Fashions Ltd. On the gaining side, Sterlite Technologies Ltd., Bharat Dynamics Ltd., Multi Commodity Exchange of India Ltd., KEI Industries Ltd., and Mishra Dhatu Nigam Ltd. bucked the broader trend.
During the pre-open session, the Sensex had fallen as much as 3.4 per cent, or 2,743 points, to 78,543.73. The Nifty 50 was down 2.06 per cent, or 519.40 points, at 24,659.25. Earlier signals from GIFT Nifty indicated a weak start for Dalal Street, sliding more than 150 points in early trade.
The weakness followed a broad sell-off across global markets after the weekend’s military escalation. US stock futures tumbled overnight, with Dow Jones futures down nearly 400 points at one stage, while futures on the S&P 500 and Nasdaq-100 declined around 1 per cent each.
Asian markets also opened sharply lower. Japan’s Nikkei 225 and South Korea’s Kospi fell between 2 and 3 per cent in early trade before trimming losses. Hong Kong’s Hang Seng Index opened in the red, while China’s CSI 300 edged lower.
Meanwhile, oil prices surged as traders factored in potential supply disruptions from the energy-rich region. Brent crude jumped sharply, and US crude futures climbed as much as 8 per cent in early trade. The spike in energy prices has heightened inflation concerns at a time when global central banks are navigating fragile economic conditions.
The rupee weakened at the open, trading at 91.26 against the US dollar, compared to its previous close of 90.98. Market participants said metals stocks showed relative resilience as investors sought defensive plays amid heightened uncertainty.
Benchmark indices had already ended lower on Friday amid broad-based selling. With geopolitical tensions intensifying and global cues turning decisively negative, analysts expect volatility to remain elevated in the near term.
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