New Delhi: India’s benchmark stock market indices Sensex and Nifty have fallen to two months low levels amidst continued rout owing to rising middle east tension. The 30 constituent index plunged 808 points to close at 81,688.45 levels. While, the broader stock gauge just touched down on the 25,000 mark. Among the Sensex pack, stocks like , M&M, Bajaj Finance, Asian Paints, Nestle, Bharti Airtel, RIL, Ultra Cement, HUL, ITC, ICICI Bank, Bajaj Finserv, Power Grid, HDFC Bank, Kotak Mahindra Bank, Tata Steel, etc were the biggest laggard. Mostly auto, FMCG and financial services stocks dragged the index on Friday.
Among the National Stock Exchange’s (NSE) thematic indices, media, financial services, FMCG, auto, oil and gas etc all traded in negative territory. India’s stock gauges have recently faced huge selling pressure due to Sebi's latest measures to protect investor money in the F&O segment, foreign outflows and heightened middle east tension. The indices closed in red for the fifth straight trading session on Friday.
Crude Oil Becomes Costlier Amid Fresh Iran-Israel Escalation Warning
After Iran’s missile attacks on Israel, the latter has hinted at retaliatory strikes on Iran’s oil and gas infrastructure. As a result, global oil benchmark Brent Crude prices have risen by around 5% in the last one week. On Friday, Brent Crude was up 1.08% to $78.46 per barrel.
Other Asian Markets Trade Positive
While, other Asian markets of Japan and Seoul traded in positive territory. The former’s stock gauges have remained buoyant in last few trading sessions as the country’s newly elected Prime Minister Shigeru Ishiba has directed Japanese central bank not to hurry with the rate hikes. While, stock gauges in Hong Kong also traded in positive territory on Friday.
On the other hand, mainland Chinese stock market indices are closed for the entire week. Recently, stock exchanges in China have risen phenomenally on account of fresh stimulus measures announced by the Chinese central bank. The policy makers last week pegged for reduction in interest rates to prop up its falling economy. Since then, the Chinese market gauges have only shot up in last few sessions.
Earlier on Friday, India’s stock market gauges Sensex and Nifty had opened in red at 82,244.25 and 25,181.90 levels, respectively. While, the US benchmark indices had closed marginally down on Thursday (India time).
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