The Indian stock market fell the most in nearly two weeks on Monday as crude oil prices rose and pushed the rupee to a six-week low, while losses in financials also weighed. Negative sentiment in the Asian peers also affected the indices.

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Oil prices shot up by about 3 percent as the US prepared to announce that all imports of Iranian oil must end or be subject to sanctions. Meanwhile, Asian shares slipped on Monday, weighed down by underperforming Chinese stocks.

The BSE Sensex ended at 38,645, down 495 points, while the broader NSE Nifty50 settled at 11,594, slipping 158 points. Broader markets underperformed benchmark indices with the Nifty Midcap and the Nifty Smallcap indices slipping 1.8 percent each.

Bharti Airtel, Wipro, Infosys, Tech Mahindra, and NTPC were top gainers on the Nifty, while Indiabulls Housing Finance, BPCL, Yes Bank, IOC and IndusInd Bank fell the most on the index.

All sectoral indices, except the Nifty IT ended the day in the red. The Nifty Realty fell over 2 percent, while all the financial indices were down over 1.5 percent each.

Oil marketers took a hit from higher crude prices and led the decline on the indices in percentage terms. Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp fell up to 6 percent.

Meanwhile, IT stocks gained as the rupee fell and were the top percentage gainers on the indices. Wipro, Infosys, Tech Mahindra and TCS gained between 0.5-1.5 percent.

Reliance Industries Ltd fell 3 percent after it reported a weak quarter for its refining and petrochemical business. The stock saw its worst day in over four months.

A fall in financial stocks, both PSU and private banks, also had a negative impact on the main board. The Nifty private bank and the PSU Bank index fell over 2 percent each. The Yes Bank slipped nearly 6 percent, while IndusInd Bank, PNB and ICICI Bank fell between 2-4 percent.

First Published:Apr 22, 2019 3:39 PM IST