Stock Market Live Updates: GIFT Nifty signals weak start for Sensex, Nifty50; oil prices remain above $100 on fragile US-Iran talks

Equity markets extended their losing streak for a third consecutive session on Monday, with benchmark indices witnessing sharp declines as crude oil prices surged after the United States and Iran failed to secure a peace agreement aimed at ending the ongoing conflict in West Asia.

The BSE Sensex, comprising 30 shares, plunged 1,312.91 points or 1.70% to close at 76,015.28. During intraday trade, the index slumped as much as 1,370.79 points, or 1.77%, touching 75,957.40.

The NSE Nifty50 also ended deep in the red, falling 360.30 points or 1.49% to settle at 23,815.85. Over the past three trading sessions since Thursday, the Nifty has shed more than 515 points, or over 2%, while the Sensex has lost close to 1,950 points, translating into a decline of around 2.5%.

Market sentiment weakened after US President Donald Trump reportedly termed Iran’s response to the latest peace proposal as “totally unacceptable,” reducing hopes of an immediate diplomatic resolution, according to market experts. Analysts also said Prime Minister Narendra Modi’s call for austerity measures added to investor worries regarding forex reserves, rising fuel costs and the broader consumption outlook.

Among Sensex stocks, Titan emerged as the worst performer, sliding nearly 7%. Other major losers included InterGlobe Aviation, State Bank of India, Bharti Airtel, Eternal and Reliance Industries.

On the gaining side, Sun Pharma, Hindustan Unilever, Adani Ports, Kotak Mahindra Bank, Axis Bank and ICICI Bank ended with gains.

Meanwhile, Brent crude, the international oil benchmark, was trading 2.23% higher at USD 103.5 per barrel.