Friday the 13th jitters: Sensex tanks over 1,100 pts, Nifty slips below 24,700 as Israel-Iran tensions flare
Israel
launched military strikes on Iran, heightening geopolitical tensions in the oil-rich Middle East.
At around 9:19 am, the BSE
Sensex
was down 1,163 points, or 1.42%, at 80,528, while the Nifty50 fell 284 points, or 1.13%, to 24,608.
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Among sectors,
Nifty
Oil & Gas was the worst performer, falling 1.6%, dragged by losses in Mahanagar Gas, IGL, BPCL, and IOC. Meanwhile Nifty Bank, IT, Auto, Metal, and PSU Bank indices declined between 1% and 1.5%. In the broader market, the Nifty Midcap index slipped 1.1%, and the Nifty Smallcap100 dropped 1.5%.
The market capitalisation of all listed companies on the BSE fell by Rs 5.52 lakh crore to Rs 444.06 lakh crore.
Here are key reasons behind today's
stock market crash
Live Events
1) Israeli strike on Iran
The selloff was triggered by Israel's military strike on Iran early Friday. Israel said it targeted nuclear facilities, missile factories, and top military commanders in a 'preemptive strike' to stop Tehran from developing nuclear weapons.
A state of emergency was declared in Israel in anticipation of retaliatory missile and drone attacks.
Iranian state media confirmed the death of Hossein Salami, Commander of Iran's Revolutionary Guards. Israeli officials also claimed that several senior Iranian military officials and nuclear scientists were likely killed.
U.S. Secretary of State Marco Rubio called the strike a "unilateral action" by Israel and clarified that Washington was not involved.
The attack comes amid stalled nuclear talks, with a sixth round of negotiations between the U.S. and Iran scheduled in Oman on Sunday.
2) Oil prices surge on supply fears
Brent crude futures jumped $6.29, or 9.07%, to $75.65 a barrel by 03:15 GMT after touching an intraday high of $78.50 — the highest since January 27.
U.S. West Texas Intermediate (WTI) crude climbed $6.43, or 9.45%, to $74.47 a barrel, after hitting $77.62, the highest since January 21.
These were the sharpest intraday gains for both benchmarks since 2022, when Russia invaded Ukraine, leading to a spike in energy prices.
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Israeli and Syrian ministers meet amid Gaza and Sweida turmoil. Photo via AFP Senior officials from Syria and Israel are set to meet in Azerbaijan's capital on Thursday to discuss mounting security concerns in southern Syria, a diplomat familiar with the matter told AFP . The meeting between Syrian Foreign Minister Asaad al-Shaibani and Israeli Minister of Strategic Affairs Ron Dermer follows a quiet diplomatic engagement between the two officials in Paris last week. According to the source, who spoke on condition of anonymity due to the sensitive nature of the discussions, the Baku talks aim to prevent further escalation following recent clashes in Syria's southern province of Sweida. Al-Shaibani is scheduled to travel to Moscow earlier the same day, where he will meet with Russian officials to discuss bilateral ties and the future of Russian military installations in Syria. The visit comes amid renewed Russian efforts to maintain its strategic foothold in the country, especially at its Tartus naval facility and the Hmeimim air base near Latakia. The talks in Baku will primarily focus on the security situation near the Israeli-occupied Golan Heights, an area of long-standing tension. Israel seized the Golan in 1967 and later annexed it in 1981—a move unrecognised by most of the international community. Despite the 1974 disengagement agreement, the region has witnessed frequent flare-ups and a growing Israeli military presence, particularly since the fall of former president Bashar al-Assad in December. The recent violence in Sweida, a majority-Druze region, saw fighting erupt between local Druze groups and Sunni Bedouin tribes before drawing in Syrian government forces and, ultimately, Israeli airstrikes. Israeli jets targeted both the presidential palace and army headquarters in Damascus, citing the protection of the Druze community as justification. The United States helped broker a ceasefire between the parties on July 18. Syria and Israel remain officially in a state of war since 1948, but a series of discreet meetings, including one in Baku on July 12, suggest growing efforts to prevent a broader regional confrontation. Syrian state media said last week's Paris meeting focused on 'recent security developments and efforts to de-escalate the situation in southern Syria.' The upcoming Baku session is expected to build on that dialogue. Al-Shaibani's Moscow agenda will also include discussions on foreign fighters, domestic security reform, and the revitalisation of diplomatic and security coordination with Russia. Despite the departure of the Assad regime, the new Syrian leadership under President Ahmed al-Sharaa has maintained close ties with Moscow. In January, Russia's then-deputy foreign minister Mikhail Bogdanov held talks with al-Sharaa in Damascus. Russia, which intervened militarily in Syria in 2015 in support of Assad's government, has been reassessing its regional posture amid shifting alliances. Thursday's talks could play a key role in shaping the next phase of Syria's security landscape and in recalibrating Israel's posture along its northeastern frontier.
