India's Stock Market Plunges to Six-Month Lows Amid Global Crude Price Surge
The Indian stock market suffered a significant decline on Monday, with both the Sensex and Nifty indices hitting six-month lows. The 30-share BSE Sensex dropped by 1,124.02 points, or 1.52%, to close at 72,771.72, while the broader NSE Nifty 50 sank by 360.25 points, or 1.56%, to end at 22,780.25.
The single-session sell-off wiped out nearly ₹7 lakh crore in total market capitalisation of BSE-listed firms. The decline was not limited to the top indices, with mid-cap and small-cap segments also experiencing significant losses. The Nifty Midcap 100 index fell by 991.80 points, or 1.63%, to 59,914.20, while the Nifty Smallcap 100 index dropped by 364.15 points, or 1.85%, to 19,351.10.
The crash in traditional safe-haven assets was also notable, with gold and silver futures on the Multi Commodity Exchange (MCX) falling sharply. Gold futures slid ₹3,501.00, or 2.32%, to ₹1,47,380.00 per 10 grams, while MCX silver futures dropped ₹6,907.00, or 2.94%, to trade at ₹2,27,789.00 per kilogram.