March 23, New Delhi: Indian stocks opened lower on Monday, following a broad risk-off move across Asia as escalating tensions in West Asia kept oil prices elevated.
The Nifty 50 fell 2.3% to 22,579, while the BSE Sensex lost almost 2% to 72,826. All 16 major sectors declined, with broader small-cap and mid-cap indices each down about 1%.
The selloff reflects a surge in risk aversion after Asian markets dropped 3.1% amid fears of a prolonged conflict between the U.S., Israel, and Iran, now entering its fourth week. A massive bearish trend in global equity markets and continued foreign fund outflows also rattled investors.
Among individual stocks, HDFC Bank, India's largest private lender and the heaviest-weighted stock on the benchmarks, fell more than 2%. The stock had already declined 7.4% over two sessions following the resignation of part-time chairman Atanu Chakraborty citing ethical reasons.
