Benchmark indices Sensex and Nifty moved lower in early trading on Monday amid renewed tensions between the U.S. and Iran. The BSE Sensex fell 63.65 points to 77,047.63 initially, while the NSE Nifty rose 16.55 points to 24,070.20. Later, the Sensex dropped further by 246.54 points to 76,853.93, and the Nifty declined 50.55 points to 24,005.45. Among Sensex companies, Kotak Mahindra Bank, Mahindra & Mahindra, Adani Ports, InterGlobe Aviation, HCL Tech and Reliance Industries led losses. Eternal, Trent, Asian Paints and Tech Mahindra posted gains. Brent crude rose 0.72 percent to $72.51 a barrel. Markets are likely to remain cautious after fresh military exchanges between the U.S. and Iran. Analysts noted that uncertainty has returned to global markets despite reported agreements to stop further attacks. In Asia, South Korea’s Kospi and Japan’s Nikkei declined, while Shanghai and Hong Kong indices advanced. U.S. markets closed slightly lower on Friday. Indian markets were shut Friday for Muharram. Foreign institutional investors purchased equities worth 383.76 crore rupees on Thursday. On Thursday, the Sensex ended 109.25 points higher at 77,100.47, and the Nifty gained 34.35 points to close at 24,056.
