Markets trade lower on weak global cues

Indian benchmark indices made a weak start on Monday with the Sensex trading over 315 points lower at 41,149, and the Nifty falling 93 points to 12,133. (9.24AM). Indices plunged in early trade owing to weak global cues as tensions in the Middle East sparked fears of further geopolitical instability. 

Adani Ports, TCS, Infosys, ONGC, and Titan were the top gainers on the indices, while losers included Bajaj Finance, Power Grid, Asian Paints, Coal India, and BPCL.

Sectorally, all indices except Nifty IT were in the red. PSU Banks was the top laggard, followed by Nifty Auto, Bank, and Financial Services.

Asian shares fell from 18-month highs on Monday on heightened Middle East tensions with both the US and Iran exchanging threats. Gold hit a near seven-year high, and oil jumped to four-month peaks. Brent crude futures rose to $70.06/bbl, while WTI crude climbed to $64.22/bbl.

The Indian rupee opened 21 paise lower at 72.01/$ on Monday vs. Friday's close of 71.80/$.

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