Stock Market News Today: Sensex Tumbles 500 Points; Nifty Around 22,375 On Iran-Israel Conflict
Stock market news today: On the 30-share Sensex platform, Tata Motors, SBI, Bajaj Finserv, HUL, ICICI Bank, Axis Bank emerged losers
Stock Market News Today: The two key equity benchmarks, Sensex and Nifty, on Monday plunged sharply after tensions flared up in the Middle East between Iran and Israel. At 10.05 am, the BSE Sensex tumbled 513 points to 73,732. On the other hand, the NSE Nifty50 was trading at 22,374, down 145 points.
Stock update
On the 30-share Sensex platform, Tata Motors, SBI, Bajaj Finserv, HUL, ICICI Bank, Axis Bank emerged losers. On the flip side, TCS, Maruti, Nestle, Titan, JSW Steel, Airtel were among the gainers.
In the broader market, the BSE Midcap and Smallcap indices dropped 1.8 per cent and 2.47 per cent, respectively.
Sectoral update
Sectorwise, Nifty Realty index slumped 2.3 per cent while Nifty PSU Bank dropped 1.5 per cent.
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.
"There are many headwinds that will weigh on markets today: the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected US inflation are negatives," said V K Vijayakumar, chief investment strategist, Geojit Financial Services. But partly these negatives are in the price since a retaliation from Iran was expected and the higher US inflation was discounted by the market on Friday, he added.
Global markets update
In the Asian trading session, Seoul, Tokyo, and Hong Kong witnessed declines, contrasting with Shanghai's positive performance. Wall Street concluded the week on a notably lower note.
The international oil benchmark, Brent crude, experienced a slight decrease of 0.17 per cent, reaching $90.30 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) divested equities valued at Rs 8,027 crore on Friday.
Rupee dips 6 paise
The Indian rupee started the week on a weaker note, slipping by 6 paise to reach 83.44 against the US dollar in early trading on Monday. This decline was attributed to the prevailing negative sentiment in the equity markets and the withdrawal of foreign investments, as concerns over geopolitical tensions in the Middle East resurfaced.
Forex experts pointed out that the strength of the US dollar in the international market, coupled with crude oil prices remaining above the $90 per barrel mark, contributed to dampening investor confidence.
At the opening of the interbank foreign exchange market, the rupee commenced trading at 83.46 against the dollar, before marginally improving to 83.44. This represented a 6 paise decrease from its previous closing value. In the preceding session on Friday, the rupee had concluded 7 paise lower, settling at 83.38 against the US dollar.
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