The Nifty 50 index and the S&P BSE Sensex experienced their worst sessions since March 13 and July 1 respectively, on Monday, due to escalating Middle East conflict and surging US Treasury yields that reached a 16-year high. The Nifty 50 index dropped by 1.34% to close at 19,281.75, while the S&P BSE Sensex fell by 1.26% to finish at 64,571.88.
Major sectors including metals, media, and public sector banks saw declines between 3% and 5%. IT stocks such as LTIMindtree (NS:LTIM) were significantly affected, with a nearly 2% fall. LTIMindtree was the top Nifty 50 loser with a drop of 3.96%. Shrikant Chouhan from Kotak Securities linked this global selling pressure to the geopolitical tension in the Middle East.
Smallcap and midcap stocks also underperformed blue chips, marking their worst session in six weeks, according to Umeshkumar Mehta from Samco Mutual Fund.
In individual company news, Paytm shares dipped by 6.57%, despite strong quarterly results and a rise of 6% in the five sessions prior to results announcement. NDTV, a part of the Adani Group, saw its shares decrease by 4.36% following a reported slide in profit for the September quarter.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.