Stock markets extended their losing streak for a third straight session on Monday, with the benchmark Sensex plunging 1,313 points as rising crude oil prices rattled investor sentiment following the failure of peace talks between the US and Iran over the ongoing West Asia conflict.
The 30-share BSE Sensex slumped 1,312.91 points, or 1.70 per cent, to close at 76,015.28. Analysts also pointed to Prime Minister Narendra Modi’s call for austerity measures, which added to concerns over forex reserves, rising fuel prices, and the broader consumption outlook.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth ₹4,110.60 crore on Friday, according to exchange data. Persistent foreign outflows added further pressure on domestic markets.
The sharp sell-off wiped out nearly ₹6.4 lakh crore in investor wealth on Monday, based on the decline in the total market capitalisation of NSE-listed companies.
The top 5 reasons behind the Sensex fall include rising geopolitical tensions in West Asia, crude oil prices spiking sharply, PM Modi’s austerity appeal, heavy selling in jewellery and consumer stocks, and foreign investors continuing to sell equities.
