On Monday, heavy selling pressure was witnessed in domestic markets. The Sensex fell 1,048 points to close at 80,238. The Nifty declined 312 points and settled at 24,865. Investor concerns over rising tensions in West Asia affected sentiment. Midcap and smallcap indices also ended lower in line with benchmarks.

Most sectoral indices traded in negative territory. Auto, consumer durables, oil and gas, and PSU banks recorded notable losses. Only metal and pharma stocks showed marginal gains. Analysts stated that Nifty support is seen at 24,600, while resistance stands at 25,000.

Global markets showed mixed trends. Oil prices surged after reports that Iran closed the Strait of Hormuz. Asian indices declined, while US markets ended mostly higher. FIIs sold equities worth Rs 3,296 crore, whereas DIIs bought shares worth Rs 8,594 crore.

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Rutte explained that India’s 50 per cent tariffs from the US prompted Modi to seek details about Russia’s approach in the ongoing conflict. Trump had earlier imposed a 25 per cent tariff, raising the total to 50 per cent on Indian imports.

Trump said the tariffs created a rift with India and admitted that imposing them was difficult. He criticized NATO allies for purchasing Russian oil and warned that China could face 50-100 per cent tariffs if it continued buying from Moscow.

The US President highlighted China’s influence over Russia, claiming major sanctions could weaken that grip. He said coordinated NATO action and tariff policies could help end the Russia-Ukraine war faster. Trump emphasized his readiness to act once NATO members agreed to halt Russian oil purchases.

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India currently imports around 1.5 million barrels per day, with Russian supplies reducing costs, according to Emkay Wealth Management. The report noted that future price movements will depend on US sanctions and tariff policies. China is also increasing its Russian oil imports to meet domestic demand.

With India and China sourcing heavily from Russia, oil prices are expected to stay range-bound, benefiting importing nations. Lower energy costs are vital for India to curb inflation and stabilise the economy. Analysts highlighted that India’s strategy balances geopolitical shifts and domestic priorities.

US Energy Secretary Chris Wright praised India as an “awesome ally” with growing energy demand. He emphasized stronger India-US energy cooperation, while Commerce Minister Piyush Goyal also called for expanding bilateral energy trade. Both leaders highlighted the mutual benefits of a robust partnership in energy.

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The proposed sanctions could also target nations that continue to buy Russian oil, including India and China. Reports suggest that US Treasury Secretary Janet Yellen supports extending penalties to such countries as part of broader efforts to cut Russia’s energy revenues.

These developments come amid ongoing geopolitical tensions, with the US aiming to weaken Moscow’s financial strength through energy restrictions. Analysts warn that fresh sanctions may disrupt global trade flows and drive up energy costs, creating challenges for economies still reliant on Russian oil.

The move highlights Washington’s determination to intensify pressure on Russia, while also signaling possible strains in relations with key partners like India and China.

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