Sensex, Nifty crash as Israel attacks Iran; oil prices jump sharply
Benchmark stock market indices crashed after opening for trade on Friday, over rising geopolitical tensions with Israel launching an attack on Iran. Oil prices rose after the news of the rising conflict in the Middle East.The S&P BSE Sensex tanked 838.78 points to 80,853.20, while the NSE Nifty50 lost 252.80 points to 24,635.40 as of 9:25 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said that close on the heels of the Ahmedabad air tragedy has come the news of Israel's attack on Iran.advertisement
"The economic consequences of this Israeli strike can be profound if the attack and counter-attack by Iran lingers long. Israel has declared that the operation will last several days. Brent crude prices have flared up by around 12% to $78. It can rise further if Iran in retaliation closes the straight of Hormuz severely restricting oil supply," he added.The market opened with widespread selling pressure as all stocks declined sharply. Among the relatively smaller losers, Bharti Airtel fell 0.32%, followed by ITC which dropped 0.46%. TCS declined 0.49%, while Sun Pharma lost 0.55% and Axis Bank fell 0.69% during the early trading session.On the worst-hit side, Power Grid Corporation was the biggest loser, plummeting 1.84%, followed by Adani Ports which crashed 1.75%. Kotak Mahindra Bank tumbled 1.75%, Tata Motors declined 1.63%, and Reliance Industries fell 1.54% during the opening minutes.advertisement"The impact on market will depend on how long the conflict lingers. In the near-term the market will be in a risk-off mode. Sectors that uses oil derivatives as inputs like aviation, paints, adhesives and tyres will be hit hard. Oil producers like ONGC and Oil India will remain resilient," said Vijayakumar.The broader market indices declined sharply today. Nifty Midcap 100 fell 0.90%, while Nifty Smallcap dropped 1.07%. India VIX, the volatility index, surged by 7.33%.All sectoral indices opened in negative territory during the session. Nifty Consumer Durables and Nifty Oil & Gas were the worst hit, both declining 1.25%, followed by Nifty Media at 1.21%, Nifty PSU Bank at 1.20%, Nifty Auto at 1.16%, Nifty Financial Services at 1.09%, Nifty Private Bank at 1.07%, Nifty FMCG at 0.95%, Nifty IT at 0.91%, Nifty Metal at 0.91%, Nifty Realty at 0.72%, Nifty Pharma at 0.61%, and Nifty Healthcare at 0.59%.No indices managed to open in positive territory.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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