Mumbai: India equity indices closed in the deep red on Thursday amid conflict in the Middle East.
At closing, the Sensex fell 1,769 points, or 2.10 percent, to 82,497, and the Nifty fell 546 points, or 2.12 percent, to 25,250.
The market trend was negative in the trading session. 2,864 shares were in red, 1,120 in green, and 92 closed without any change.
Due to the sharp fall, the market valuation of all the companies listed on the Bombay Stock Exchange (BSE) declined by about Rs 10 lakh crore to Rs 465 lakh crore.
Selling was also seen in mid-cap and small-cap stocks. The Nifty midcap 100 index fell by 1,333 points, or 2.21 percent, to 59,024, and the Nifty small-cap index fell by 378 points, or 1.96 percent, to 18,952.
Almost all NSE indices closed in red. The auto, Fin Service, IT, FMCG, Real Estate, Energy, Private Bank, and Infra indices were the major losers. In the Sensex pack, L&T, Axis Bank, Tata Motors, Reliance, Maruti Suzuki, Asian Paints, Bajaj Finance, Wipro, Kotak Mahindra Bank, Bajaj Finserv, Titan, HDFC Bank, HCL Tech, and Power Grid were the top losers.
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Only JSW Steel closed in the green.
According to market experts, the domestic market took a sharp downturn following Iran’s launch of ballistic missiles at Israel, sparking fears of retaliation and escalation into war. They said this could potentially drive up oil prices and lead to inflationary pressures. Additionally, new SEBI regulations for the F&O segment have raised concerns about reduced trading volumes in the broader market. Lastly, with attractive valuations in China, FIIs have redirected their funds, adding pressure on Indian stocks.
Foreign institutional investors (FIIs) extended their selling by selling equities worth Rs 5,579 crore on October 1, while domestic institutional investors extended their buying by buying equities worth Rs 4,609 crore on the same day.
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–IANS
