India’s BSE Sensex extended last week’s slide on Monday, closing 2.2% lower at 71,947.6 — its weakest level since January 2024 — amid persistent risk-off sentiment. Heightened tensions in the Middle East and rising crude prices deepened fears of a broader escalation as Houthi involvement widened the conflict and the US deployed additional troops.
Losses were broad-based and led by financials after the central bank tightened limits on onshore forex positions to shore up the weakening rupee. ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, State Bank of India and Bajaj Finance lost between 2% and 5.1%.
Among other major decliners, Maruti Suzuki, Mahindra & Mahindra, Asian Paints, Larsen & Toubro, UltraTech Cement, Titan Company and Bharti Airtel fell as much as 2.9%.
The benchmark has now dropped more than 11% in March, its steepest monthly decline since March 2020, pressured by surging crude oil prices and persistent foreign outflows. Indian equity markets will be closed on Tuesday, March 31, in observance of Shri Mahavir Jayanti.
