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Sensex over 800 points down after longest weekly losing streak in years; crude soars above $106
Sensex down: At 9:24 am, the losses touched 700 points and then went further down to over 840 points or 1.13 per cent by around 9:35 am.
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Indian stock market indices Sensex and Nifty opened sharply low on Monday, September 28, with investors remaining cautious after benchmark indexes posted their longest weekly losing streak since 2020, while oil prices rose following a stalemate in US-Iran peace talks.
At 9:17 am, two minutes after the market opening time, Sensex stood at 73,383.70, 512.04 or 0.69 per cent down. By 9:21 am, the losses extended to over 690 points. At 9:24 am, the losses touched 700 points and then went further down to over 840 points or 1.13 per cent by around 9:35 am.
US President Donald Trump said he has rejected an Iranian proposal to reopen the Strait of Hormuz and end fighting, while Iran insisted on Sunday that only diplomacy can solve its conflict with the United States and Israel.
GIFT Nifty futures were at 23,111 points as of 7:41 am, indicating a muted start for the benchmark Nifty 50 index, which closed at 23,140.5 on Friday, according to figures cited in a Reuters report.
Crude oil price
Brent futures rose 2.1 per cent to $106.49 a barrel, bringing gains so far this month to almost 18%, while US crude futures added 1.5% to $93.84 a barrel.
Over the weekend, US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, claiming Tehran was desperate to make a deal. Trump said talks would continue this week, though Iran shows no sign of watering down its proposals.
Oil prices have remained a focal point for markets since late February, when the US and Israel launched joint strikes on Iran, triggering a war in the Middle East.
The Nifty 50 and BSE Sensex have slipped for seven consecutive sessions, losing nearly six per cent, in one of their longest losing streaks on record.
Foreign investors net sold Indian shares worth 36.94 billion rupees ($385.54 million) on Friday, Reuters reported, citing provisional data. They have offloaded $1.8 billion worth of shares so far in September, taking their year-to-date selling to $25.86 billion.
Benchmark stock indices Sensex and Nifty rebounded on Friday after value buying in blue-chip banking, oil & gas, and auto shares following recent sharp losses.
The 30-share BSE Sensex climbed 315.20 points, or 0.43 per cent, to settle at 73,895.74 with 19 of its constituents ending higher and 11 down. During the day, it hit a high of 73,968.05 and a low of 73,477.77, gyrating 490.28 points, according to a PTI news agency report figures. The index had dipped to an over three-month low in the previous session.
The 50-share NSE Nifty was up 77.40 points, or 0.34 per cent, to end at 23,140.50. As many as 34 Nifty stocks advanced, 15 closed lower and one remained unchanged.
Among the Sensex firms, Axis Bank saw the maximum rise, climbing by 2.82 per cent. Mahindra & Mahindra jumped 2.24 per cent, Asian Paints 1.93 per cent, Bajaj Finance 1.21 per cent, HCL Tech 1.17 per cent and Titan 1.01 per cent.
