Indian stocks hit fiscal-year low as crude and US yields surge

Indian stock markets fell sharply on Monday, with the NSE Nifty 50 dropping 1.56% and the BSE Sensex declining 1.48%, marking their lowest closes this fiscal year amid surging crude oil prices and high US bond yields. Brent crude rose above $108 a barrel after Washington rejected Tehran's conditional proposal on the Strait of Hormuz, while US 10-year yields hit 5.2%, among the highest this millennium. The selloff erased over Rs 7.5 lakh crore from BSE-listed companies' market capitalisation, with Tata Motors, Adani Enterprises, and Reliance Industries among major losers. Asian markets also fell, with South Korea's Kospi down 2.7% and China's Shenzhen gauge slumping over 3%. Analysts said the decline was driven by renewed Iran-US uncertainty, adding that markets remain sensitive to crude prices and Hormuz developments, though a resolution could trigger a sharp rebound.