Indian shares fell on Monday, dragged down by rising global crude oil prices and a disappointing revenue forecast from software major Infosys, which dampened investor sentiment.
Market performance
The BSE Sensex declined 0.6% to 72,616 points, while the NSE Nifty 50 dropped 0.7% to 22,055 points. Both indices recorded their lowest closing levels in over a week.
Infosys shares slide
Infosys, the country's second-largest IT services exporter, saw its shares fall 4.5% after the company projected lower-than-expected revenue growth for the fiscal year. The weak forecast raised concerns about demand in the technology sector.
Oil prices weigh
Brent crude futures rose above $89 per barrel, adding to worries about inflation and its impact on corporate profits. Higher oil prices increase India's import bill and put pressure on the rupee, which weakened to 83.5 against the US dollar.
Broader market trends
Among other major losers, Reliance Industries and HDFC Bank contributed significantly to the decline. However, gains in some metal and pharma stocks limited the downside. Market breadth was negative, with more stocks falling than advancing on the BSE.
Global cues
Asian markets traded mixed, with Japan's Nikkei and China's Shanghai Composite both declining, while US futures pointed to a flat open later in the day. Investors awaited key US inflation data later this week for further direction.
Analysts said the near-term outlook remains cautious due to geopolitical tensions and elevated oil prices, but any correction may be limited by strong domestic inflows from mutual funds and retail investors.
