MUMBAI: Indian markets closed lower on Monday as fluctuating crude prices and global risk-off cues weighed on sentiment, with the sensex falling 443 points or 0.6% to 77,709 and the Nifty declining 96 points or 0.4% to 24,239, while the rupee weakened to 96.45 against the dollar from 96.28.Banking stocks led the decline after mixed earnings, with Axis Bank dropping 5.5%, HDFC Bank falling 5.1% and Kotak Mahindra Bank declining 2%, while Maruti Suzuki India fell 2.2%, as financials exerted the maximum drag on the indices due to their weight and investor reaction to quarterly performance.The rupee came under pressure from rising oil prices and geopolitical tensions, slipping 17 paise and breaching 96.5 in intraday trade, with traders also citing concerns that mobilisation under the FCNR(B) window may take longer than expected. The currency remains close to its record low of 96.96 hit on May 20, 2026, when Brent crude had touched $110 per barrel.“Bank Nifty witnessed selling pressure during Monday’s session as heavyweight private lenders such as HDFC Bank, Axis Bank and Kotak Bank declined sharply. However, strong buying interest in ICICI Bank, SBI and other PSU banks helped the index recover from lower levels,” said Vatsal Bhuva, analyst at LKP Securities.Crude prices rose to a one-month high during the day, with Brent North Sea briefly crossing $91 per barrel after tensions between the US and Iran raised fears of disruption in the Strait of Hormuz, before easing later in the session. Vinod Nair of Geojit Investments said tensions in West Asia are expected to persist in the near term as US military actions expand and global travel advisories for US citizens remain in place.