Stock Market News Today: Sensex Sheds 845 Points; Nifty Below 22,300 Amid Iran-Israel Conflict
Stock Market News Today: On the 30-share Sensex platform, Wipro, ICICI Bank, Bajaj Finserv, L&T, Bajaj Finance, Tata Motors emerged losers on the 30-share Sensex platform
The two key equity benchmarks, Sensex and Nifty, on Monday declined over 1 per cent as tensions flared up in the Middle East among Iran and Israel, dampening investor sentiment. The S&P BSE Sensex tanked 845 points to close at 73,400. On the other hand, the NSE Nifty50 settled at 22,273, down 247 points.
Stock update
On the 30-share Sensex platform, 27 of the 30 Sensex stocks and 44 of the 50 Nifty stocks ended in the red. Wipro, ICICI Bank, Bajaj Finserv, L&T, Bajaj Finance, Tata Motors emerged losers on the 30-share Sensex platform. On the flip side, Maruti, Nestle, and Airtel were the only gainers.
A total of 2,991 stocks declined while 913 advanced and 145 remained unchanged.
In the broader markets, the BSE Midcap and Smallcap indices declined 1.5 per cent each.
The volatility index, India VIX, soared over 8 per cent on Monday.
Sectoral update
Sectorwise, Nifty PSU Bank index dropped 1.8 per cent, followed by up to 1.7 per cent decline in the Nifty Private Bank, Bank, and IT indices.
In the previous session on Friday, the BSE Sensex fell 793 points to end at 74,245, while the NSE Nifty50 closed at 22,519, down 234 points.
"Geopolitical tensions and higher-than-expected US inflation impacted investor sentiment and dragged the indices to a lower note. The major casualties were the mid- and small-cap indices due to their rich valuation and expectation of moderation in earnings growth in Q4FY24. On the other hand, the European market opened on a positive note while oil prices inched lower as market participants expected that the diplomatic efforts were likely to de-escalate tensions in the Middle East," said Vinod Nair, Head of Research, Geojit Financial Services.
Global Markets
In the Asian trading session, Seoul, Tokyo, and Hong Kong saw declines, while Shanghai managed to close in positive territory. European markets exhibited a mixed trend, while Wall Street recorded significant losses on Friday.
Brent crude, the global oil benchmark, experienced a 1.04% decrease, reaching $89.51 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 8,027 crore on Friday.
Rupee Slips 6 Paise
On Monday, the Indian rupee depreciated by 6 paise to settle at 83.44 against the US dollar, reflecting substantial losses in equity markets and a stronger dollar against major currencies globally due to geopolitical tensions.
Despite these factors, the rupee's decline was limited by falling crude oil prices in international markets and positive domestic macroeconomic indicators, as noted by forex traders.
During the interbank foreign exchange trading, the rupee opened at 83.46 against the greenback, fluctuating between 83.42 and 83.47. Finally, it closed at 83.44, registering a 6 paise loss compared to the previous day's close. On Friday, the rupee had dropped by 7 paise to settle at 83.38 against the US dollar.
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