Benchmark indices declined sharply on Monday, with the S&P BSE Sensex plunging over 1,600 points and the NSE Nifty 50 slipping below the 22,500 mark, as elevated crude oil prices and a weakening rupee weighed on investor sentiment.

The 30-share BSE Sensex fell 1,635.67 points, or 2.22%, to close at 71,947.55, while the broader Nifty 50 dropped 488.20 points, or 2.14%, to settle at 22,331.40.

Rupee slide, crude concerns drive risk-off sentiment

The Indian rupee closed at a fresh all-time low of 94.94 against the US dollar (provisional), after breaching the 95-mark intraday, indicating sustained pressure from rising oil prices and foreign outflows.

Elevated crude prices continue to remain a key overhang for the domestic market, raising concerns around inflation, fiscal balances and corporate margins.

Broad-based selloff across sectors

Selling was broad-based, with all sectoral indices ending in the red.

Rate-sensitive segments bore the brunt of the decline, with financials witnessing heavy selling. Private banks and NBFCs dragged the indices lower, amid concerns over tighter liquidity conditions and rising macro risks.

Auto stocks also came under pressure, reflecting worries around input costs and demand outlook in a high-inflation environment.

Among individual stocks, Hindalco Industries, Tech Mahindra, Coal India, ONGC, Power Grid Corporation of India, and Reliance Industries were among the top gainers on the Nifty.

On the losing side, Bajaj Finance, Shriram Finance, State Bank of India, InterGlobe Aviation, Kotak Mahindra Bank, Bajaj Finserv, and Jio Financial Services were among the top laggards.