Mumbai, Oct 3 – Major equity benchmarks, Sensex and Nifty, experienced significant declines in early trading on Thursday, primarily influenced by falling heavyweight stocks and escalating tensions in the Middle East. The BSE Sensex plummeted by 1,264.2 points to reach 83,002.09, while the NSE Nifty dropped 345.3 points to 25,451.60.
Key players in the stock market, including Reliance Industries, HDFC Bank, and ICICI Bank, contributed to this downturn. Conversely, companies like JSW Steel, Tata Steel, and Sun Pharma showed some resilience, marking gains amidst the broader market decline.
Asian markets reflected this volatility, with Hong Kong trading lower and Tokyo showing slight gains. Notably, the US markets ended marginally higher on Wednesday, indicating mixed sentiments globally.
Foreign Institutional Investors (FIIs) sold equities worth ₹5,579.35 crore on Tuesday, coinciding with a rise in global oil prices, which climbed 1.15% to USD 74.75 per barrel. Analysts are linking these market fluctuations to the ongoing conflict in the Middle East, which has raised concerns about economic stability.
As the situation develops, investors are closely monitoring the global economic landscape, with immediate implications expected for international markets.
Source: latestly.com, Date: 2024-10-03