Indian benchmark indices, Sensex and Nifty, witnessed a sharp sell-off after a few days of strong closing. The sell-off was largely driven by a fresh escalation in geopolitical tensions in the Middle East, where renewed strikes between Israel and Iran targeting critical oil and LNG infrastructure have reignited concerns over global energy supply disruptions. At the end of the trading session, the BSE Sensex fell sharply by 2,496.89 points to close at 74,207.24. Meanwhile, the NSE Nifty tumbled by 775.65 points to 23,002.15. The Nifty Bank also fell 1,875.05 points to 53,451.00.ย
During the day, it dived 2,753.18 points or 3.58 per cent to 73,950.95. The 50-share NSE Nifty tumbled 775.65 points or 3.26 per cent to end at 23,002.15.
Amid this fall, investors’ wealth was eroded by Rs 12,49,997.25 crore (12.49 lakh crore or 12 trillion). The overall market capitalisation of BSE-listed firms dropped to Rs 4,26,13,558 crore from Rs 43,863,555.25 crore in the previous session.
Top losers and gainers
From the 30-Sensex firms, Eternal, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Larsen & Toubro and Bajaj Finserv were among the major laggards. HDFC Bank dropped 5.13 per cent after its chairman, Atanu Chakraborty, resigned, citing ethical concerns.
Meanwhile, market volatility surged, with India VIX rising over 3 per cent, signalling heightened nervousness and rapid shifts in investor positioning.
Asian markets fall
In Asian markets, South Korea’s benchmark Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended significantly lower.
Markets in Europe were trading with deep losses. The US market ended sharply lower on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,714.35 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 3,253.03 crore.
On Wednesday, the Sensex jumped 633.29 points or 0.83 per cent to settle at 76,704.13. The Nifty surged 196.65 points or 0.83 per cent to end at 23,777.80.
Brent crude surges
Brent crude, the global oil benchmark, soared 6.75 per cent to USD 114.8 per barrel after Iran attacked a key natural gas facility in Qatar as well as two oil refineries in Kuwait.
Iran intensified its attacks on its Gulf Arab neighbours’ energy sites on Thursday, hitting a Saudi refinery on the Red Sea and setting Qatari LNG facilities and two Kuwaiti oil refineries ablaze as it struck back following an Israeli attack on its main natural gas field.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)