Equity benchmark indices Sensex and Nifty settled lower on Monday, weighed down by rising crude oil prices and persistent geopolitical tensions in West Asia.

Key Highlights

• Sensex and Nifty touched a new low for fifth consecutive session on selling pressure to cool investor sentiment.
• A fifth straight session of losses was seen in the benchmark indices as investors remained cautious amid volatility due to selling pressure.

The Sensex declined 281.09 points, or 0.36%, to settle at 77,728.16. The index dropped as far as 555.5 points, or 0.71%, at its intraday low of 77,453.75 points during the session before recovering some losses.

The Nifty Falls for Fifth Straight Session

The Nifty fell 78.35 points, or 0.32%, to close at 24,287.65, which was the fifth consecutive day of losses. The index's continued weakness further highlights investor reservations in the backdrop of skittishness surrounding global uncertainty and high energy prices playing down on Indian stock market sentiment.

Also Read: Stock Market Today: Sensex and Nifty End Lower for Second Session

Crude Oil Prices and Geopolitical Tensions Weigh on Sentiment

Higher crude oil prices, due to ongoing geopolitical uncertainty in West Asia, continued to be one of the main factors weighing on the market. With the country's strong dependence on crude imports, investors have been cautious throughout the session as higher oil prices increase worry about inflation and import bill of the country.