Monday's Session: Sensex drops 307 pts; Nifty below 24,100

Indian equity benchmarks extended losses on Monday, dragged by selling in FMCG, metal, media and select heavyweight stocks. The BSE Sensex declined 307.24 points (0.40%) to close at 76,957.27, while the NSE Nifty 50 lost 95.25 points (0.39%) to settle at 24,080.40 .

Key Driver: Markets opened gap-down amid rising crude oil prices following US-Iran tensions and concerns over global interest rates. Nifty opened at 24,117 and hit a high of 24,128 before selling intensified .

Selective strength: Nifty Bank surged 0.92% to 58,025, led by HDFC Bank and ICICI Bank. Sun Pharma (+3.38%), Nestle India (+2.88%) and Axis Bank (+2.77%) were among the top gainers .

Sectoral trends mixed; Bank, Pharma gain; Metal, IT, FMCG drag

Nifty Bank surged 0.92% to 58,025, with HDFC Bank and ICICI Bank leading the gains. Nifty Pharma also closed higher, with Sun Pharma gaining 3.38%. On the other hand, Nifty FMCG fell 1.69%, Nifty Media declined 2.84% and Nifty Metal dropped 2.45% .

Adani Enterprises fell 9.76%, Adani Ports dropped 6.70% and ITC declined 3.95% .

Outlook: "The Nifty is now hovering just above the crucial 24,000 mark, keeping traders cautious about the next move," analysts said .

Rupee gains 26 paise; Brent crude jumps to $90.69

The rupee pared its initial losses and settled 26 paise higher at ₹95.17 (provisional) against the US dollar on Monday, amid possible RBI intervention, even as rising crude oil prices and geopolitical tensions weighed on the local unit .

Brent crude surged 2.94% to $90.69 per barrel after the United States carried out strikes on Iran's Larak island in the Strait of Hormuz, prompting retaliation from Tehran .

India VIX rallied 4.98% to close at 11.21 — reflecting increased volatility and risk aversion in the market .

FII/DII flows: Foreign institutional investors offloaded equities worth a net ₹7,985.88 crore on Monday, while domestic institutional investors bought a net ₹4,588.88 crore .