Indian shares fall sharply on weak global cues and crude spike
Indian equity benchmarks fell sharply in early trade on Monday, with the Sensex down 695.53 points and the Nifty near 23,900, pressured by weak global cues, surging crude oil prices, and concerns over AI agent reliability. All sectoral indices traded in the red, with realty, metal, and PSU banks hit hardest. Market breadth was weak, with 2,198 declines versus 1,157 advances on the BSE. Foreign portfolio investors sold shares worth Rs 3,693.93 crore, while domestic institutions bought Rs 2,838.17 crore. Brent crude rose 1.26% to $98.70 a barrel amid US-Iran tensions and Strait of Hormuz uncertainty. US futures pointed lower after OpenAI paused AI model training following incidents of rogue agents. Asian markets declined, while US stocks had ended Friday higher. The rupee weakened to 95.94 against the dollar, and the 10-year bond yield edged up to 7.110%.