Indian equity markets declined sharply on Monday as geopolitical tensions escalated. The BSE Sensex fell 0.91 percent to 76,847.57, while the NSE Nifty 50 dropped 0.86 percent to 23,842.65, tracking broader Asian losses. Oil prices surged past $100 per barrel following the US blockade of Iranian ports after failed peace negotiations over the weekend. The Indian rupee weakened 0.7 percent to 93.38 against the US dollar, marking its sharpest decline since March 27. All sectoral indices closed in negative territory, with Nifty Auto emerging as the major laggard. The currency weakness reflects dissipating dollar support as banks unwind arbitrage positions amid elevated crude oil costs impacting India's import bill and inflation outlook.
