Indian equity benchmarks ended sharply lower on Monday, dragged down by a broad-based selloff amid surging crude oil prices, escalating geopolitical tensions in the West Asia and weakness across global markets. The Sensex plunged 719 points, or 0.97%, to close at 73,524.26, while the Nifty 50 fell 243 points, or 1.04%, to settle at 23,123, its lowest level in nearly two months.

The session's biggest casualty was Wipro, which tumbled 8.45% to ₹181.60, marking its lowest level in three years and emerging as the top loser on the Nifty index. The sharp decline came amid heavy selling pressure in the stock following its buyback record date and weak sentiment in the IT space.

Wipro leads losers; IT remains under pressure

Wipro's steep fall overshadowed declines in other technology stocks, with TCS slipping 2.25% and HCLTech ending 2.14% lower. However, the selloff was not restricted to IT alone, as investors dumped stocks across sectors amid rising global uncertainty.

Among other major laggards on the Nifty were Jio Financial Services (-3.67%), Eternal (-3.65%), Hindalco (-3.62%), Shriram Finance (-3.14%) and Adani Enterprises (-2.89%).

Realty, metal and auto stocks bear the brunt

Sectorally, the selling was most pronounced in real estate and metal counters. Nifty Realty emerged as the worst-performing sectoral index, falling 2.56%, while Nifty Metal declined 2.33%. Nifty Auto also witnessed sharp profit-booking and ended 1.85% lower.

Metal stocks such as Hindalco, Tata Steel and JSW Steel remained under pressure, while automobile names including Mahindra & Mahindra and TVS Motor Company also featured among the key losers. Broader markets fared even worse, with smallcap and midcap indices declining more than the benchmark indices, reflecting a clear risk-off sentiment among investors.

Market participants attributed the decline largely to external factors. Brent crude oil surged towards the $100-per-barrel mark after renewed tensions in the West Asia raised concerns over supply disruptions. Higher oil prices are viewed as negative for India, which imports the bulk of its crude requirements.

Investor sentiment was further dented by a sharp selloff across Asian markets and weakness on Wall Street, where technology and AI-linked stocks came under pressure. Strong US economic data also fuelled concerns that the Federal Reserve could keep interest rates elevated for longer, prompting investors to reduce exposure to risk assets.