India’s BSE Sensex fell about 1.2% to 80,319 on Monday, extending losses for a third consecutive session and hitting its lowest level since September 30 last year, as rising tensions in the Middle East and a sharp increase in oil prices weighed on investor sentiment.
Selling was broad-based, with all sectoral indices opening in negative territory except for communications and electronic technology, which posted modest early gains.
On the macroeconomic front, Friday’s Q4 GDP figures showed growth slowing to 7.8% from a six-quarter high of 8.4% in the previous period. Despite the moderation, the reading topped market expectations of 7.2% and remained the strongest among G20 economies. Investors now await HSBC’s manufacturing PMI, due later today, as well as the services and composite PMIs scheduled for later this week.
Among the major laggards weighing on the index were Larsen & Toubro (-5.3%), InterGlobe Aviation (-3.9%), Reliance Industries (-2%), and Axis Bank (-1.4%).
