The BSE Sensex was trading down 1,264 points or 1.5% at 83,002. The Nifty 50 was trading down 344 points or 1.33% at 25,452 around 9:16 am.
All listed companies on BSE have a market capitalization of Rs. 5.63 lakh crore reduced to Rs. 469.23 lakh crore has happened.
Concerns about a possible escalation in the Middle East rose after Iran launched ballistic missiles at Israel earlier in the week, raising fears that oil supplies from the region could be disrupted if the conflict escalates.
On that day, the price of oil increased. A rise in oil prices is negative for importers of the commodity like India, as crude contributes significantly to the country’s import bill.
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Among the Sensex pack, Reliance Industries, HDFC Bank, ICICI Bank, M&M, L&T, and Bharti Airtel were the top contributors to drag down the index, while JSW Steel and Tata Steel were the only stocks to open higher.
The Nifty oil and gas index fell over 1.2% in early trade, weighed down by concerns over the escalating conflict in the Middle East.
Hindustan Petroleum, IOC and GSPL topped the index. Meanwhile, fear gauge India VIX rose 8.9% to 13.06.
Here are the main factors behind today’s meltdown
1) The Iran-Israel conflict
Indian stocks fell on Thursday amid rising concerns over escalating hostilities between Iran and Israel. Reports indicate that the Israeli military has confirmed the death of eight soldiers, including a team commander, during a ground operation in southern Lebanon.
The escalation follows an Iranian missile attack targeting Tel Aviv, with Israel’s military chief warning of an imminent response.
More to come…
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