Equity benchmark indices Sensex and Nifty lost away their early gains to settle nearly 1% lower on Monday as the escalating price of oil played spoilsport during the prolonged Russia-Ukraine conflict.
The 30-share Sensex tumbled 571.44 points or 0.99% to close at 57,292.46. During the day, it dropped 634.85 points or 109% to 57,229.08. The broader NSE Nifty dropped by 169.45 points or 0.98% to settle at 17,117.60.
The only gaining sectoral indices on the BSE were Metal up by 1.70%, Basic Materials up by 0.23% and Healthcare up by 0.04%, while Utilities down by 1.89%, Power down by 1.81%, FMCG down by 1.46%, Bankex down by 1.30% and Capital Goods down by 1.12% the on BSE.
Major laggards from the Sensex pack were Power Grid Corp down by 2.93%, Asian Paints down by 2.85%, Ultratech Cement down by 2.81%, Nestle down by 2.49%, Kotak Mahindra down by 2.42% and Hindustan Unilever by 2.41%.
On the other hand, among the gainers were Sun Pharmaceutical up by 0.41%, HDFC Bank up by 0.39%, Maruti up by 0.15%, Titan up by 0.09% and NTPC up by 0.04%.
On Thursday, the BSE benchmark rallied 1,047.28 points or 1.84 per cent to finish at 57,863.93. Likewise, the broader Nifty surged 311.70 points or 1.84 per cent to 17,287.05.
Equity markets were closed on Friday on account of Holi.
US stock exchanges closed with significant gains on Friday.
Meanwhile, international oil benchmark Brent crude surged 3.53% to USD 111.5 per barrel.
According to stock exchange data, foreign institutional investors were net buyers as they bought shares worth Rs 2,800.14 crore on Thursday.
The rupee slipped 31 paise to close at 76.15 against the US dollar.