Mumbai, Mar 30 (PTI) Equity benchmark indices Sensex and Nifty ended the last trading session of the 2025-26 fiscal year sharply lower on Monday as the ongoing war in West Asia and surging crude oil prices kept investors' sentiment fragile.

Weak trends in Asian markets and unabated foreign fund outflows also added to the bearish trend in domestic equities.

Declining for the second day in a row, the 30-share BSE Sensex tumbled 1,635.67 points or 2.22 per cent to settle at 71,947.55. During the day, it plunged 1,809.09 points or 2.45 per cent to 71,774.13.

A total of 3,563 stocks declined, while 876 advanced and 154 remained unchanged on the BSE.

The 50-share NSE Nifty slumped 488.20 points or 2.14 per cent to end at 22,331.40.

"The downturn was primarily driven by escalating geopolitical tensions in the Middle East, which dashed hopes of de-escalation and pushed crude oil prices higher, raising concerns over inflation and macro stability for oil-importing economies like India.

"Weak global cues, including declines across Asian and US markets, coupled with continued foreign institutional outflows and a weakening rupee, further weighed on sentiment," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

From the 30-Sensex firms, Bajaj Finance, State Bank of India, InterGlobe Aviation, Bajaj Finserv, Axis Bank and Kotak Mahindra Bank were among the biggest laggards.

On the other hand, Tech Mahindra and Power Grid were the gainers.

Brent crude, the global oil benchmark, jumped 2.18 per cent to USD 115.1 per barrel.

In the last two trading sessions, the BSE benchmark Sensex has lost 3,325.9 points, or 4.41 per cent, and the Nifty dived 975.05 points, or 4.18 per cent.

In the 2025-26 financial year, the BSE benchmark plunged 5,467.37 points, or 7 per cent, and the Nifty dropped 1,187.95 points, or 5 per cent.

The BSE MidCap Select index lost 3.13 per cent, and the SmallCap Select index declined 2.14 per cent.

Sectorally, all indices ended in the red, with auto, FMCG, consumer durables, capital goods, realty, private banks, and PSU banks falling in the range of 2–4 per cent.

The BSE PSU Bank tanked 4.60 per cent, MidSmall Private Banks Quality Tilt (3.96 per cent), Bankex (3.80 per cent), Financial Services (3.46 per cent), Private Banks (3.43 per cent), BSE Top 10 Banks (3.40 per cent), Telecommunication (3.09 per cent) and Realty (3.03 per cent).

"Banking stocks were among the key laggards following the RBI’s new restrictions on banks’ foreign exchange positions aimed at stabilising the rupee, which led to sharp declines across major private and public sector lenders.

"While valuations now appear more favourable after the recent correction, the trajectory of earnings revisions remains the key determinant of market direction. Continued volatility in oil prices and rupee weakness may exert pressure on input costs, increasing the risk of near-term earnings downgrades," Vinod Nair, Head of Research, Geojit Investments Limited, said.

Meanwhile, the rupee gained 7 paise in a highly volatile session to close at 94.78 (provisional) against the US dollar on Monday. During the session, it fell to an all-time intra-day low of 95.22.

In Asian markets, South Korea's benchmark Kospi and Japan's Nikkei 225 index plunged nearly 3 per cent. Hong Kong's Hang Seng index also settled lower, while Shanghai's SSE Composite index ended in positive territory.

Markets in Europe were trading marginally higher.

The US market ended significantly lower on Friday. The Nasdaq Composite index tanked 2.15 per cent, while the Dow Jones Industrial Average lost 1.73 per cent and the S&P 500 declined by 1.67 per cent.

"Indian equities extended their decline, with benchmark indices falling over 2 per cent, underscoring a deepening sell-off sentiment driven by persistent global uncertainties and rising crude oil prices," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,367.30 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 3,566.15 crore.

Foreign investors have pulled out Rs 1.14 lakh crore (about USD 12.3 billion) from domestic equities in March, making it the worst monthly outflow, weighed down by escalating tensions in West Asia, a weakening rupee and concerns over the impact of elevated crude oil prices on India's growth.

On Friday, the Sensex tanked 1,690.23 points or 2.25 per cent to settle at 73,583.22. The Nifty dropped 486.85 points or 2.09 per cent to end at 22,819.60. PTI SUM SUM BAL BAL

RBI foreign exchange restrictions and weak crude-linked sentiment deepen pressure on equities and banking stocks. Indian equity markets ended sharply lower amid escalating geopolitical tensions in West Asia, higher crude oil prices, weak global cues, and continued foreign fund outflows. Banking stocks faced additional pressure after RBI restrictions on banks' foreign exchange positions aimed at stabilising the rupee, while market participants flagged oil-price volatility and rupee weakness as risks to input costs and near-term earnings revisions.