Indian Equities Extend Losses on Monday as Middle East Tensions Trigger Risk-Off Mood
Indian benchmark indices ended sharply lower on Monday, extending their decline for a second consecutive session as escalating tensions in the Middle East and rising crude oil prices weighed on investor sentiment.The BSE Sensex dropped 719.08 points, or 1%, to close at 73,524.26, while the NSE Nifty 50 fell 243.70 points, or also 1%, to settle at 23,123.00.The selloff mirrored weakness across Asian markets and followed declines in U.S. equities on Friday.Market participants remained focused on developments in the Middle East after fresh military action between Israel and Iran heightened concerns about a broader regional conflict.Crude oil prices moved higher as investors assessed the potential impact of the conflict on energy supplies. The renewed hostilities also dampened expectations for a near-term resumption of oil flows through the Strait of Hormuz.In corporate developments, Ritco Logistics (NSE:RITCO, BOM:542383) said it secured transportation contracts worth about 100.7 million rupees in May, including orders valued at 93 million rupees from its polymer and public sector undertaking segment.Separately, Hindustan Zinc (NSE:HINDZINC, BOM:500188) announced plans for a 250-hectare ecological restoration project at its Chanderiya Lead Zinc Smelter Complex in Rajasthan under a memorandum of understanding with the Energy and Resources Institute, according to a filing.