Indian stocks fall as bank shares drag Nifty below 23,000
Indian stock benchmarks fell sharply on Monday afternoon, with the Nifty index dropping below the 23,000 level, dragged down by weak global cues, rising crude oil prices, and concerns over AI technology reliability. The S&P BSE Sensex fell 917.53 points (1.24%) to 72,978.21, while the Nifty 50 declined 292.35 points (1.26%) to 22,848.15 at 12:25 IST. Bank stocks led losses, with the Nifty Bank index down 1.81%, as Yes Bank, Union Bank, and Punjab National Bank fell sharply. Market volatility gauge India VIX jumped 13.19%. Investors are watching crude oil prices, upcoming IPOs, and economic data releases this week that could influence central bank policy decisions. In the broader market, 825 shares advanced while 2,599 declined. Silver Touch Technologies gained 1.9% after receiving a purchase order from ISRO's Space Applications Centre.