China's Covid curbs spook global markets; Sensex, Nifty tumble over 1%

Brent crude oil prices dropped close to 5 per cent due to demand concerns following news that lockdowns were spreading to Beijing

India’s benchmark indices declined on Monday, along with global peers, as fresh lockdowns in China and the prospect of aggressive interest rate hikes by the US Federal Reserve stoked concerns about global growth outlook, pushing investors to safe havens. Most global markets extended Friday’s losses, which were triggered by hawkish signals from the Fed.

The Sensex fell 617 points, or 1.08 per cent, to end at 56,580, while the Nifty50 index closed below the 17,000 mark, at 16,954, after losing 218 points, or 1.27 per cent. The two indices dropped more than 1 per cent for the second straight session on