Sensex drops 575.67 points as bank selloff and oil rise
Business
The Indian stock market started Monday on a rough note: Sensex dropped 575.67 points to 77,575.78, and Nifty slid 152 points to 24,182.30.
The main reason? Investors pulled out of banking shares after fourth-quarter results, while rising crude oil prices added extra pressure.
HDFC Bank falls over 4%
HDFC Bank led the losses in banking, falling over 4% despite decent ratings after its June earnings.
The Bank Nifty index also slipped by more than 1%, showing weakness across the sector.
Meanwhile, Brent crude jumped past $90 a barrel for the first time in over a month, thanks to escalating U.S.-Iran tensions that threaten global oil routes, leaving investors uneasy about what's next for India's economy.