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Listen to this article in summarized format Brent crude rose above $108 a barrel after Washington rejected Tehran's conditional proposal to operate the Strait of Hormuz. However, prices were cooling a bit late in the night (India time) as Qatari mediators held talks with Iran and the US on a possible peace deal. Read more: Gold tumbles 4% to seven-week low as oil, dollar and yields climb Among benchmark stocks, Tata Motors PV was the biggest loser, falling 3%, followed by Adani Enterprises and Jio Financial Services, which declined 2.9% each. Heavyweights Reliance Industries and HDFC Bank lost 2.3% each. The selloff wiped out more than Rs 7.5 lakh crore from the total market capitalisation of BSE-listed companies, which fell to around Rs 474.36 lakh crore from Rs 482 lakh crore at Friday's close. Broader markets also came under pressure, with the Nifty Midcap 100 declining 1.63%. The Nifty PSU Bank index was among the worst-hit sectoral gauges, falling 3.24%, while the Nifty Financial Services index declined 1.69%. Nifty Metal, FMCG and Auto indices also fell nearly 1.7% each. Read more: Motilal Oswal sees 4 factors boosting risk-reward after market’s sharp fall from 2024 high, lists 27 stock picks Sunny Agrawal of SBI Capital said the market decline was largely driven by renewed uncertainty over the Iran-US situation and the impact of higher crude prices. "I feel today's crack was predominantly led by statements by the US and Iran that Iran's proposal for the peace deal has been rejected by the US. Hence, there was scepticism about what will happen going forward," Agrawal said. "Again, it is the same old story - higher crude oil prices, higher interest rates and higher inflation." Agrawal said the near-term market direction would remain sensitive to crude prices and developments around the Strait of Hormuz. "In case crude oil prices sustain at a higher level, there is a probability that the markets may remain under pressure," he said. A decline in crude prices following a resolution around Hormuz could, however, trigger a sharp rebound, he added. Asian markets were also under pressure, with South Korea's Kospi falling 2.7%. Indonesian stocks lost 1.5%, Thailand shed 0.9%, and the mainland China Shenzhen gauge slumped more than 3%. Yield on the US 10-year bond, the reference frame for most loan products across the planet, surged to 5.2%. Benchmark US yields are among the highest this millennium, and Wall Street has not recorded risk-free rates as high as those currently since the global financial crisis of 2007-08. US 10-year yields have surged nearly 10% in a month, and remain on course for record highs not seen since the subprime crisis, despite the first increase in policy rates by the Federal Reserve earlier this month. US equity futures declined, while European markets were mixed. Chipmakers were among the major decliners in Asian markets. The rise in crude prices has added to concerns for India, which relies heavily on imported energy. The Strait of Hormuz is a key route for global oil and gas shipments, and uncertainty over its reopening has kept energy markets volatile. Provisionally, domestic institutional investors (DII) bought Rs 5,189 crore of stocks while foreign institutional investors (FII) sold Rs 5,353 crore of Indian equities, National Stock Exchange (NSE) data showed. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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