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Indian equity benchmarks opened lower on Monday, resumed declines after a one-day breather on Friday. The BSE Sensex dropped as much as 1,904 points, or 2.6%, to 72,628 and the NSE Nifty 50 fell as much as 2.6% to 22,504.15. All the 15 sectoral gauges compiled by the NSE declined, led by the NSE Nifty Metal Index's 4.7% fall.
Meanwhile, The rupee opened 12 paise lower at 93.83 against the US dollar. The currency weakened further and fell as much as 23 paise to 93.94. Besides, Brent crude eased further to $108.02 a barrel. The contract still held gains despite the pullback. During the session, Brent had risen as high as $112 a barrel and the US West Texas Intermediate crude stood at $98.17 a barrel, lower by 6 cents after a 2.27% rise in the last session.
Meanwhile, Asian markets traded lower, with South Korea's Kospi down 5.8%, Japan's Nikkei 225 falling 3.5%, Hong Kong's Hang Seng losing 3.4%, China's Shanghai Composite down 2.5% and Australia's ASX 200 lower 0.8%. Japan's Topix dropped 4.4%, while South Korea's Kosdaq fell nearly 5%. Trading in South Korea was briefly suspended after Kospi 200 futures fell more than 5%.
Transrail Lighting has withdrawn the share application funds meant for allotment in the capital of its wholly owned subsidiary in the UAE, according to its disclosure in an exchange filing.
The currency extended losses in trade after opening at a record low earlier in the session.
Bajaj Finance, Bajaj Finserv, HDFC Bank, ICICI Bank, ITC, Kotak Mahindra Bank and TCS were the Nifty stocks trading at their 52-week lows.
Geo-political tensions remain in focus as the US-Iran war enters day 24, with Asian markets opening in the red. The rupee is expected to open at record lows, while global bond yields continue to rise.
FII short positions are unchanged at 86%, and FIIs have remained net sellers in the cash market for a 17th straight day. The sell-off in gold and silver continues, while crude prices remain elevated.
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