Domestic benchmark indices Sensex and Nifty opened in the red on Monday on weak global cues. Brent crude oil price spiking to $111 on absence of initiatives to open the Strait of Hormuz and a weak rupee led to negative sentiment around the stock market. Sensex crashed 865 points to 74,372 and Nifty slipped 257 points to 23,379 in early deals today. The Indian rupee fell to a record low of 96.17 against dollar in early deals today.  

Among Sensex constituents, PowerGrid, Tata Steel, Titan, HDFC Bank, IndiGo, Maruti, Bajaj Finance and Adani Ports fell up to 4% while Infosys, HCL Tech, TCS and Tech Mahindra were the only gainers on Sensex, rising up to 1.35%, respectively.

VK Vijayakumar, Chief Investment Strategist, Geojit Investments said, "Elevated crude may force another round of price hikes in petrol and diesel, which will have negative implications for inflation. The spike in US 10-year bond yield to 4.62 % is another negative factor for EM equity markets. Rupee may further depreciate aggravating the vicious cycle of rupee depreciation and FPI selling.  In the present context, export-oriented sectors like pharmaceuticals will continue to be resilient. Leading private sector banks, under pressure from FPI selling, are fundamentally strong and attractively valued. Long-term investors can accumulate these stocks on weakness."

Previous session

Sensex declined 160.73 points, or 0.21 per cent, to close at 75,237.99, while the Nifty slipped 46.10 points, or 0.19 per cent, to settle at 23,643.50 on Friday. Market sentiment remained cautious amid a weakening rupee, which slipped past the Rs 96-per-dollar mark, rising crude oil prices, inflation worries, and lingering geopolitical uncertainty.