Indian equity markets fell sharply in early Monday trade, weighed down by persistent Middle East tensions and stronger-than-expected U.S. employment figures.
The robust American jobs data stoked fresh concerns about inflation and the trajectory of interest rates, rattling investor sentiment across Asian markets.
The benchmark BSE Sensex tumbled 527 points, or 0.7 percent, to 73,714 in early trading on Monday.
The broader NSE Nifty index was also under pressure, falling 167 points, or 0.7 percent, to sit at 23,199.
Several blue-chip names were among the hardest hit, with Bajaj Finance, Mahindra and Mahindra, Eternal, and Indigo each declining around 2 percent.
Rajesh Exports was one of the session’s worst performers, slumping 5 percent after reports that the government plans to remove the company from the beneficiary list under the PLI scheme for advanced chemistry cell battery storage.
Tata Motors fell nearly 2 percent following the company’s announcement that it would continue investing in electric and hydrogen-based technologies for its commercial vehicles segment.
Tata Steel shares dropped 1.3 percent after the company warned that its plans for a £1.25 billion electric steel-making furnace in Port Talbot could be delayed by up to eight months due to problems with electrical connectivity.
Not all stocks were in the red, with Andhra Cements surging 8 percent after announcing a merger with its holding company Sagar Cements, drawing strong buyer interest.
Zee Entertainment Enterprises edged about 1 percent higher on reports surrounding potential fund raising activity by the media group.
Oil India climbed 1.2 percent after the state-run energy company announced its second natural gas discovery in the Andaman offshore region, boosting confidence in its exploration pipeline.
The dual headwinds of geopolitical uncertainty and interest rate anxiety are likely to keep Indian markets on a cautious footing in the near term as traders monitor developments closely.
