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Indian shares tumbled on Monday, tracking weak global markets<\/span> as fears of a possible U.S. recession and concerns over an escalating Middle East conflict sapped investors’ appetite for risk. <\/p>\n That said, falling oil prices and encouraging service sector activity data helped Indian markets recoup some early losses.<\/p>\n Oil prices extended losses to hover near eight-month lows in European trade despite Iran vowing ‘revenge’ over killing of Hamas chief. <\/p>\n The decline in oil prices augurs well for the Indian economy<\/span> as the country imports around 85 percent of its crude requirement and any decline in prices leads to a reduction in the country’s import bill. <\/p>\n On the data front, India’s service sector continued to expand strongly in July amid favorable demand conditions, the latest survey data from S&P Global showed.<\/p>\n The rise in overall output was attributed to a sharp growth in new orders on the back of buoyant demand, tech investment, and a growing online presence. <\/p>\n The benchmark S&P\/BSE Sensex hit an intraday low of 78,296 before recovering some ground to end the session down 2,223 points, or 2.74 percent, at 78,759.<\/p>\n The broader NSE Nifty index settled 662 points, or 2.68 percent, lower at 24,055, after falling to a low of 23,894 earlier. <\/p>\n Among the prominent decliners, Hindalco, Tata Steel, Adani Ports, ONGC and Tata Motors slumped 5-7 percent. <\/p>\n FMCG stocks rose on defensive buying, with Britannia Industries, Nestle India, Tata Consumer Products and Hindustan Unilever rising between half a percent and 1 percent. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n