Indian Equities Hammered as Brent Crude Surpasses $108

The Indian equity market saw a sharp decline on Monday, with the Sensex and Nifty indices falling by 1.52% and 1.56%, respectively.

The BSE Sensex pack tumbled to settle at 72,771.72, while the NSE Nifty50 index declined to close at 22,780.25.

The high selling pressure was visible across the broader market, with the Nifty Midcap100 and Nifty Smallcap100 indices slumping by 1.63% and 1.85%, respectively.

Vinod Nair, Head of Research at Geojit Investments, attributed the decline to growing investor caution amid deteriorating global macro conditions, particularly the ongoing US-Iran conflict.

Nair also noted that rising US bond yields are narrowing the India-US yield spread, potentially leading to foreign fund outflows and keeping market sentiment cautious.