Indian equity markets opened sharply lower on Thursday, tracking weak global cues amid escalating tensions in the Middle East and rising crude oil prices.
The BSE Sensex plunged 1,953 points, or 2.55 per cent, to 74,750, while the NSE Nifty fell 580 points, or around 2.4 per cent, before recovering slightly in early trade.
Major stocks including HDFC Bank, Shriram Finance, Larsen & Toubro (L&T), TMPV, Axis Bank, HDFC Life, and IndiGo fell up to 4 per cent in morning trade.
Sellers pressured stocks across sectors, with financials and auto leading the decline. The Nifty Private Bank index fell over 3 per cent, while Nifty Financial Services, Nifty Auto, and Realty indices dropped more than 2 per cent each.
Crude oil prices jumped, with Brent crude rising nearly 5 per cent to $112.83 per barrel and WTI trading at $100.02.
Hitesh Tailor, Research Analyst at Choice Broking, said, “Nifty finds support at 23,250–23,150, with resistance at 23,900–23,950. RSI at 37.04 shows early recovery, but traders need a sustained move above resistance to confirm momentum.”
The spike followed Iran’s missile strike on Qatar’s Ras Laffan gas facility, one of the world’s largest LNG hubs.
The situation escalated further with coordinated US-Israel airstrikes targeting Iran’s South Pars gas field and oil infrastructure in Asaluyeh, a key energy hub.
The early trading slump erased most of the gains made earlier this week, when the Sensex had risen over 2,000 points and the Nifty about 600 points.
Asian markets also recorded significant losses, with the Nikkei, Hang Seng, and KOSPI indices down up to 3 per cent, reflecting global investor caution amid geopolitical tensions and energy price concerns.
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