Stock markets open sharply lower as oil prices surge

Domestic equity markets opened sharply lower on Monday, with benchmark indices declining 1 per cent in morning trade amid elevated crude oil prices and rising geopolitical tensions in West Asia following the conflict between the US and Iran.

Sensex declined as much as 892 points or 1.18 per cent to hit an intraday low of 74,345 in early trade, while Nifty slipped 272 points or 1.15 per cent to



23,371.

Earlier in the day, the Sensex opened at 74,807.97, down 430 points or 0.57 per cent, while the 50-scrip basket opened at 23,482.20, lower by 161 points or 0.68 per cent.

Sector-wise, most indices traded in the red except information technology. Nifty Consumer Durables, Realty, Auto, Metal, PSU Bank, Private Bank, FMCG, Cement and Chemicals indices declined 1-2 per cent.