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Indian Equities Extend Losing Streak on Monday as Global Cues Weigh

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Indian benchmark indices fell for a third straight session on Monday as broad-based selling pressure and weak global cues dragged the market lower.

The BSE Sensex dropped 1,312.91 points, or 1.7%, to close at 76,015.28, while the NSE Nifty 50 declined 360.30 points, or 1.5%, to settle at 23,815.85.

Sentiment weakened amid fading hopes of U.S.-Iran talks, after the U.S. reportedly rejected Iran's peace proposal. Rising uncertainty around the West Asia conflict and its impact on global growth concerns kept investors cautious.

A sharp rebound in crude oil prices moved Brent crude back above $105 per barrel as supply risks through the Strait of Hormuz persisted.

In corporate developments, Canara Bank (NSE:CANBK, BOM:532483) fell nearly 4% after reporting a decline in consolidated profit in the fiscal fourth quarter to 45.7 billion rupees from 50.7 billion rupees a year earlier. Earnings per share slipped to 5.04 rupees from 5.59 rupees, even as interest income edged higher.

Bajaj Electricals (NSE:BAJAJELEC, BOM:500031) also fell over 2% after appointing Ashween Anand as chief financial officer, effective May 14, according to a filing. Anand joins from Tata Starbucks, where he previously served as CFO.

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