Business

Indian Equity Markets Plunge Amid Global Turmoil & Middle East Tensions

Indian equity indices experienced a sharp decline on Thursday, reflecting weak global cues amid rising tensions in the Middle East, particularly concerns over potential conflict between Iran and Israel.

As of 9:38 AM, the Sensex fell by 589 points (0.69%) to settle at 83,686, while the Nifty dropped 174 points (0.68%) to 25,622.

Early trading indicated a grim outlook for broader market trends, with only 256 stocks advancing against 1,188 declining on the National Stock Exchange (NSE).

A staggering 28 out of 30 Sensex constituents were trading in the red, with major losses reported by Wipro, Asian Paints, Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Reliance, Nestle, ICICI Bank, Titan, TCS, L&T, Hindustan Unilever, Kotak Mahindra Bank, HDFC Bank, Bajaj Finserv, and Axis Bank. Only JSW Steel and Tata Steel managed to remain in positive territory.

Sector-wise, while the auto, FMCG, real estate, media, energy, and private banking indices saw some gains, the metal index was notably the only one in the green amidst the turmoil.

Mixed trading patterns characterized Asian markets, with Tokyo and Taipei showing slight gains, while Hong Kong, Bangkok, Seoul, and Jakarta saw declines.

In the United States, stock markets closed modestly higher on Wednesday. The tech-heavy Nasdaq Composite rose 0.08%, while both the S&P 500 and the Dow Jones Industrial Average edged up by 0.01% and 0.09%, respectively.

Global Tensions Rise As Analysts Warn Oil Prices Could Spike If Israel Targets Iran Facilities

Market analysts warn that the situation could drastically shift if Israel were to target any oil facilities in Iran, potentially triggering a significant spike in crude oil prices.

Such a development could be particularly detrimental for oil-importing nations like India. Investors are advised to monitor the evolving situation closely, with some suggesting a strategic pivot towards defensive sectors like pharmaceuticals and FMCG.

On the institutional investment front, foreign institutional investors (FIIs) continued their selling spree, offloading equities worth Rs 5,579 crore on 1 October.

In contrast, domestic institutional investors (DIIs) stepped up their buying, purchasing equities worth Rs 4,609 crore on the same day, indicating a divergence in market sentiment.

Also Read: Indian Equity Capital Markets Surge To Record $49.2 Billion In 2024

Mankrit Kaur

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

4 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

4 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

4 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

4 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

7 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

8 hours ago