Sensex plunges 1,000 points as global markets reel on Iran tensions

Investors watched a global markets rout push Indian benchmarks sharply lower on Monday, with the Sensex tumbling 1,048 points to end at 80,238 and the Nifty slipping 313 points to 24,865. This marked the third consecutive session of declines for the equity market. Market breadth remained weak as large-caps carried the brunt of the selling, with InterGlobe Aviation, L&T, Adani Ports, Maruti Suzuki, Asian Paints and Bajaj Finserv among the top Sensex laggards, sliding up to 6.25%.

In contrast, a handful of blue-chips such as Bharat Electronics Limited (BEL), Sun Pharma and ITC managed modest gains of up to 2.09% amid the broad sell-off, underscoring the split in sentiment. Across the broader market, as many as 94 stocks hit 52-week highs while 869 slipped to 52-week lows, highlighting the undercurrents of volatility gripping investors. Sectorally, metal shares bucked the trend with the BSE metal index rising, while consumer durables, auto and banking indices tumbled, dragging the market lower.

Analysts attributed the rout to a fresh global risk-off mood triggered by missile and drone strikes in the region over the weekend, concerns around higher crude oil prices, a stronger dollar, and safe-haven gold rising as a hedge against risk. A technical note from market researchers pointed to potential further downside if the Nifty breaks below the 24,600 swing low, with a possible move toward 24,400 on the downside. Investors watched crude oil prices and currency moves closely as markets nervously awaited new developments in the Middle East crisis.

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