30.03.202604:31:06UTC+00Sensex Drops to 1-Week Low

India’s BSE Sensex fell about 1.1% to 72,775 on Monday, extending the previous session’s sharp sell-off and hitting its lowest level since March 23, as the ongoing conflict in the Middle East continued to weigh on sentiment. Crude prices surged past $115 per barrel, stoking fears of higher inflation, rising import costs, and a possible global recession. Foreign investors continued to pull out of Indian equities, with net outflows reaching $12.3 billion in March.

The benchmark index is now down roughly 10.1% for the month, putting it on course for its worst monthly performance in six years. Caution also prevailed ahead of the release of February year-on-year industrial and manufacturing production figures later in the day, after both indicators slowed to 4.8% in January from 8% in December.

Most sectors traded lower, with financial, consumer, communication, and diversified stocks leading the declines. Major laggards included Tata Motors (-6%), Billionbrains Garage (-4.7%), Axis Bank (-3.6%), Bharti Airtel (-1.7%), ICICI Bank (-1.7%), and HDFC Bank (-1.4%).