Sensex, Nifty tumble 1% on weak global trends
Mumbai: Benchmark Sensex tanked 823 points on Thursday following a selloff in oil & gas, power and capital goods shares in tandem with weak global market trends amid growing tensions in the Middle East.
The 30-share BSE Sensex dropped 823.16 points or 1 per cent to settle at 81,691.98 with 27 of its constituents declining and three ending higher. During the day, it plunged 991.98 points or 1.20 per cent to 81,523.16. Snapping its six-day winning streak, the broader NSE Nifty tumbled 253.20 points or 1.01 per cent to 24,888.20. Fresh foreign fund outflows also dented investors' sentiment, traders said. Among Sensex stocks, Tata Motors, Titan, Eternal, Power Grid, Tata Steel, Larsen & Toubro, Mahindra & Mahindra and Hindustan Unilever were among the biggest laggards. Bajaj Finserv, Asian Paints and Tech Mahindra were the gainers.
'Consolidation in domestic markets is evolving into a broad-based trend, now extending to large-cap stocks. Valuation concerns and rising oil prices -- driven by Middle East tensions -- are fuelling risk aversion among investors. 'Adding to the uncertainty, the US is considering unilateral tariff hikes on several key trading partners, with a decision expected within the next one to two weeks, ahead of an early July deadline,' Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge tanked 1.52 per cent and smallcap index dropped 1.38 per cent. Among sectoral indices, power tumbled 2.19 per cent, utilities (2.18 per cent), oil & gas (2.10 per cent), realty (2.07 per cent), consumer durables (2.02 per cent), industrials (1.98 per cent), auto (1.71 per cent), consumer discretionary (1.67 per cent) and metal (1.63 per cent). As many as 2,729 stocks declined while 1,282 advanced and 140 remained unchanged on the BSE.
'The sell-off was triggered by a combination of factors, including renewed geopolitical tensions between Israel and Iran, a rise in crude oil prices, and expiry-related pressure following the breakdown of a key support level. These developments have made market participants more cautious,' Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
Meanwhile, a London-bound Air India plane carrying 242 passengers and crew crashed in a residential area minutes after taking off from the Ahmedabad airport on Thursday afternoon. Many people were feared killed. Shares of aircraft manufacturer Boeing plunged nearly 8 per cent in pre-market trade on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 446.31 crore on Wednesday, according to exchange data. Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said investors exited stocks at will weighed down by weak global sentiment coupled with the possibility of Israel attacking Iran and renewed tariff threat by US President Donald Trump'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
an hour ago
- India Gazette
Air India to provide Rs 25 lakh to victims' families, survivor in Ahmedabad plane crash
New Delhi [India], June 14 (ANI): Air India on Saturday announced that an interim financial assistance package of Rs 25 lakh (approximately GBP 21,000) will be provided to the 'families of the deceased and to the survivor' in the tragic crash of the London-bound Air India flight that rammed into a doctors' hostel in the Meghani Nagar area in Gujarat's Ahmedabad shortly after it took off from Sardar Vallabhai Patel International Airport on Thursday. In a post on X, the Tata-owned airline stated that the package was in addition to the Rs 1 crore support already announced by Tata Sons. The airline further expressed its solidarity with the families of the people who lost their lives. 'Air India stands in solidarity with the families of the passengers who tragically lost their lives in the recent accident. Our teams on the ground are doing everything possible to extend care and support during this incredibly difficult time. As part of our continued efforts, Air India will be providing an interim payment of 25 lakh or approximately 21,000 GBP each to the families of the deceased and to the survivor to help address immediate financial needs. This is in addition to the 1 crore or approximately 85,000 GBP support already announced by Tata Sons. All of us at Air India are deeply saddened by this loss. We mourn with the families, loved ones, and everyone affected,' the airline stated on X. Earlier on Thursday, the Tata Group had announced a compensation of Rs 1 crore each for the families of those who lost their lives in the tragic crash. 'Tata Group will provide 1 crore to the families of each person who has lost their life in this tragedy. We will also cover the medical expenses of those injured and ensure that they receive all necessary care and support. Additionally, we will provide support in the building up of the B J Medical's hostel,' N Chandrasekaran, Chairman, Tata Sons, said in a post on X. On Thursday, the Air India flight AI171 was en route to London from Ahmedabad when it crashed shortly after takeoff from Sardar Vallabhai Patel International Airport, ramming into a doctors' hostel of BJ Medical College in Gujarat's Ahmedabad. There were 242 people on board the Boeing 787-8 Dreamliner, including 230 passengers and 12 crew members. Of the passengers, 241 died in the crash. The lone survivor, identified as Vishwashkumar Ramesh, a British national of Indian origin, sustained injuries and is undergoing treatment. (ANI)
Hindustan Times
an hour ago
- Hindustan Times
Air India plane crash: Baba Ramdev points to ‘foreign conspiracy', mentions Turkish agency
Two days after an Air India plane crash in Ahmedabad claimed over 260 lives, Yoga guru Baba Ramdev on Saturday suspected a possible 'foreign conspiracy', alleging the involvement of a Turkish maintenance agency whose contract with Indian airports was terminated last month. 'I got to know that an agency from Turkiye used to take care of the maintenance and service of the aircraft. India will have to keep a close eye on the aviation sector,' Ramdev told ANI news agency. 'There is a possibility of a conspiracy by that agency.' Without providing any evidence for his claims, Ramdev said that India must stop allowing foreign companies to interfere in such sensitive matters. Air India's London-bound Boeing 787 Dreamliner (AI 171) flight crashed into a medical hostel complex in Ahmedabad's Meghaninagar on June 12, moments after taking off from the Sardar Vallabhbhai Patel International Airport. Also Read | Teen who recorded viral Air India crash video 'very scared', records statement About 260 people were killed, including the 241 out of 242 passengers and crew on board the aircraft. Last month, the Centre had revoked security clearance for a Turkish firm -- "Celebi Aviation" -- that took care of operations at nine key Indian airports, including Delhi, citing national security concerns. The government had also asked IndiGo to end its aircraft lease agreement with Turkish Airlines within three months. Also Read | 'Mayday call, then altitude loss in seconds': What govt said on Air India crash The steps came after Turkey had taken Pakistan's side during India's Operation Sindoor, which came in the aftermath of the Pahalgam terror attack in which 26 civilians, most of them tourists, were killed. Celebi provided ground-based services at nine airports across India – Delhi, Mumbai, Ahmedabad, Bengaluru, Hyderabad, Cochin, Kannur, Chennai, and the MOPA airport in Goa. Its services include passenger handling, baggage processing, aircraft loading, cargo management, and ramp services. The company also runs one of Delhi airport's two cargo terminals as a joint venture with the airport operator.
The Print
2 hours ago
- The Print
Rupee dives 59 paise against US dollar on spike in crude oil prices
At the interbank foreign exchange, the rupee opened at 86.25 against the greenback and traded in the range of 85.92-86.25 before closing at 86.11, up 59 paise from its previous close. Brent crude, the global oil benchmark, rose sharply by 7.27 per cent to USD 74.40 per barrel in futures trade. Mumbai, Jun 13 (PTI) The rupee plummeted 59 paise to 86.11 against the US dollar on Friday due to a spike in global oil prices and a firm dollar amid rising tensions in the Middle East following Israel's attack on Iran's nuclear sites. The local unit had settled at 85.52 on Thursday. Weak domestic equity markets and FII outflows further contributed to the fall in the local unit, forex traders said. 'The rupee fell to a low of 86.25 before recovering to 85.92 before ultimately closing at 86.07. It has taken one country's military strike on another to bring home the fragility of markets,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. 'The RBI did support the rupee… oil prices were a concern as an increase of USD 10 increases trade deficit by USD 12 billion and CPI inflation by 50 bps,' he said. In the domestic equity market, the 30-share BSE Sensex tanked 573.38 points to settle at 81,118.60, while Nifty dropped 169.60 points to 24,718.60. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.33 per cent to 98.24. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,263.52 crore on a net basis on Friday, according to exchange data. 'FPIs continued to remain sellers of equity and buyers of the US dollar, while oil companies bought dollar on rising oil prices. Iran has closed its airspace, affecting our airline routes already hit by the closure of the route by Pakistan. 'For Monday, we expect the rupee to trade in a similar range of 85.75-86.50 as we await India's trade deficit data to be released,' he added. PTI BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
