Stock market falls over 1%, Nifty dragged near 24,600 in early trade

The Indian stock market on Monday fell over 1% amid weak global cues. Amid the escalating tensions between the US and Iran, pushing the crude oil prices sharply higher, and dampening investor sentiment, the indices opened lower.

Nifty was dragged near 24,600 in early trade and witnessed some recovery later. It ended in the red closing below 24,900.

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At close, the Sensex was down 1,048.34 points or 1.29% at 80,238.85, and the Nifty was down 312.95 points or 1.24% at 24,865.70.

The Nifty midcap and smallcap indices fell 1.5% each. The total market capitalisation of BSE-listed companies slipped to Rs 456.97 lakh crore from Rs 463.50 lakh crore in the previous session.

Among the sectors, almost all the indices ended lower except metals. Auto, Consumer Durables, Oil & Gas were down 2% each.

On Nifty, the top losers were L&T, Interglobe Aviation, Adani Ports, Tata Motors Passenger Vehicles, Adani Enterprises. Further on the gaining side were Bharat Electronics, Sun Pharma, ONGC, Dr Reddy’s Labs and Hindalco.

On the BSE, over 840 stocks touched their 52-week low. These included Rail Vikas Nigam, Trident, IRB Infra, Adani Total Gas, Ola Electric, Ircon International, Balkrishna Industries, AWL Agri, IRFC, Suzlon Energy, Latent View, AAVAS Financier, Sterling Wilson, Bajaj Housing, Jupiter Wagons, Sagility, UCO Bank, Alkyl Amines, among others.

India VIX, the volatility gauge, rose over 23% to trade at 16.86. Indian rupee surpassed the 91 per dollar mark for the first time in one month amid turmoil in West Asia.

The shares of financial services stocks like Bajaj Finserv, Jio Financial Services, Shriram Finance, Bajaj Finance, and HDFC Life Insurance Co. ended lower in the range of 1-3%.