The stock market on Monday tanked more than 1.1% as global bond yields surged to record highs.
Investors lost more than Rs 11 lakh crore within the first hour of the trade session.
The benchmark Sensex had fallen more than 950 points, or 1.2%, as of 9.50 am. The Nifty had fallen 300 points, or 1.2%.
The benchmark indices fell for the second consecutive week amid mounting concerns about the economic impact of the war in West Asia. The stock market had recovered marginally in April after a steep fall in March.
The Indian rupee weakened to a record low of 96.2 against the United States dollar amid elevated global oil prices and economic headwinds caused by the conflict in West Asia. The previous low was 96.14, reached on Friday.
The Indian rupee has been the worst-performing Asian currency in 2026, with a 5.5% fall in its value since the conflict began on February 28. Monday was the fifth consecutive trade session in which it reached a record low.
This came after the price of benchmark Brent crude increased 1.7% to $111 per barrel on Tuesday. The price of Brent was $78 per barrel on February 27, a day before the conflict started.
India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the Strait of Hormuz, which has been effectively blocked due to the conflict in West Asia.
The India VIX index, which measures volatility in the market, spiked 6.5% on Monday.
Major Asian stock indices had a mixed session on Monday. Hong Kong’s Hang Seng index was down 1.3%, China’s Shanghai Composite 0.2% and Japan’s Nikkei 0.8%. However, South Korea’s Kospi had risen 0.6%.
Written by Nachiket Deuskar. Edited by Sneha.