Indian equity benchmarks opened sharply lower on Monday, with the Sensex falling 840 points and the Nifty slipping below the 23,100 mark, as investors reacted to a broad global selloff triggered by surging oil prices, escalating tensions in West Asia and growing fears of higher US interest rates.
The BSE Sensex declined 840.28 points, or 1.13%, to 73,403.06 in early trade, while the Nifty 50 dropped 276.50 points, or 1.18%, to 23,090.20.
Investors' fears have risen after US and Asian stocks tumbled amid concerns that the escalating conflict between Israel and Iran could disrupt global oil supplies and further stoke inflationary pressures.
Brent crude surged above $96 a barrel, adding to worries over the impact of elevated energy prices on global growth.
The RBI recently kept the repo rate unchanged at 5.25% for the third consecutive policy meeting, but global cues have turned negative heading into the new week.
Asian shares skidded on Monday after worries about Big Tech investments and rising odds of an interest rate hike sent US stocks to their worst day since October.
