Sensex falls over 500 points, Nifty slips below 24,200 as rising crude prices, weak global cues weigh on markets

Domestic equity markets slipped on Monday as investors reacted to weak global signals and a rise in crude oil prices amid growing Middle‑East tensions.

The Sensex dropped more than 500 points (about 0.7%) to an intraday low of 77,591, while the Nifty opened 144 points lower (roughly 0.6%) at 24,190.05.

Losses were led by financial shares; the Nifty Private Bank index fell over 2%, and the Nifty Realty index slipped more than 1%.

Conversely, the Nifty PSU Bank index rose around 1%, and the Nifty Pharma, Nifty Healthcare, Nifty Metal and Nifty Oil & Gas indices traded in the green.

Among the Nifty stocks, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndiGo and Shriram Finance were the biggest decliners in early trade.

Analysts noted that, despite the unfavorable global backdrop, the domestic market’s technical foundation stays solid, so any dip is likely to draw buyers at lower levels. They added that the derivatives picture still favors a bullish tilt, with the Nifty expected to find near‑term support near 24,100 and resistance around 24,500.

International crude prices jumped after the Middle‑East flare‑up intensified over the weekend, with the U.S. and Iran launching fresh strikes.

Brent crude climbed nearly 3% toward the $90‑per‑barrel level, while WTI rose more than 3% to $85.39 a barrel.

Tehran declared that the cease‑fire between the two nations had effectively broken down, raising fears of possible oil‑supply disruptions along one of the globe’s busiest shipping lanes.

Asian markets showed mixed moves. Japan’s Nikkei and South Korea’s Kospi each fell more than 4%, Hong Kong’s Hang Seng advanced about 2%, and Indonesia’s Jakarta Composite and China’s Shanghai Composite edged up by as much as 1%.