A sharp sell-off swept across Indian equities on Monday, with IndiGo (InterGlobe Aviation), State Bank of India, Tata Motors and Shriram Finance stocks emerging among the Nifty top losers. A surge in crude oil prices above $115 per barrel triggered a broad risk-off move in global markets.
At 11:30 am, the Sensex was down 1,815 points or 2.3 percent at 77,104, while the Nifty slipped 575 points to 23,875. Market breadth remained extremely weak, with 633 shares advancing against 3,178 declines.
Among the Nifty top losers today, IndiGo stock plunged about 5.4 percent, making it the biggest decliner on the index. State Bank of India fell around 5.1 percent, while Tata Motors dropped about 5 percent and Shriram Finance declined nearly 5 percent.
Auto stocks also featured prominently among the losers. Maruti Suzuki slipped about 4.9 percent, Mahindra & Mahindra declined 4.4 percent, Eicher Motors fell around 4.4 percent, and Bajaj Auto dropped over 4.3 percent. UltraTech Cement and Larsen & Toubro also traded sharply lower.
The losses reflected heavy selling across cyclical and consumption-oriented sectors. The Nifty Auto index plunged about 4.45 percent, making it the worst-performing sectoral index, while the Nifty PSU Bank index declined around 4.7 percent and the Nifty Bank index dropped about 3.4 percent.
Other sectoral indices also remained under pressure. The Nifty Metal index fell about 2.9 percent, the Nifty Oil & Gas index declined nearly 3 percent, and the Nifty Realty index slipped over 2 percent, highlighting broad-based weakness across the market.
Only a handful of stocks managed to trade in the green, with HCLTech rising about 1.1 percent and Wipro gaining around 0.8 percent. Market volatility remained elevated amid the sharp sell-off. The India VIX jumped nearly 19 percent to 23.59, signalling heightened investor nervousness.
Analysts said the sharp rise in crude oil prices following escalating tensions in the Middle East has intensified concerns about inflation, economic growth and global liquidity conditions, triggering a broad sell-off in equities.
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