Mumbai: There was a decline in domestic stock markets in early trading on Monday. Ongoing geopolitical tensions in West Asia and rising crude oil prices increased investors' concerns.
BSE Sensex fell 284.85 points to 77,717.05 in early trade. Similarly, NSE Nifty was seen falling 69.25 points and trading at 24,297.05 points.
Pressure on these shares of big Sensex companies
Among the 30 companies included in the Sensex, shares of Infosys, Tata Consultancy Services (TCS), HCL Tech, Tech Mahindra, Hindustan Unilever and State Bank of India fell the most during early trading.
However, not all stocks remained weak. Shares of Bharat Electronics and Titan were seen trading with gains.
Crude oil price rises again
The rise in crude oil prices also had an impact on market sentiment. The future price of international oil standard Brent crude rose 0.43 percent to $ 88.86 per barrel.
The rise in crude oil prices is considered a matter of concern for a big importing country like India. Due to this, the possibility of increase in import costs and macroeconomic pressure may affect the market sentiment.
Strength seen in Asian markets
Unlike the Indian markets, there was a bullish trend in some major stock markets of Asia on Monday. Japan's Nikkei 225, China's SSE Composite and Hong Kong's Hang Seng were trading with gains.
At the same time, American stock markets closed with a decline on Friday.
Foreign investors made purchases
The activities of foreign institutional investors (FIIs) remained positive amid the decline in the market. According to stock market data, foreign institutional investors made net purchases of shares worth Rs 508.12 crore on Friday.
Earlier on Friday also the domestic market had closed weak. On that day, Sensex closed with a fall of 70.71 points and Nifty with a fall of 29.85 points.
Also read: Edible oil prices: Imported oil cheaper than local oil by ₹ 28, prices of soybean and palmolein fell; effect on mustard also