The Sensex dropped almost 1,700 points, and the Nifty50 went below 25,300. According to the sources the market capitalization of all BSE-listed businesses declined by 9.92 lakh crore to Rs. 464.94 lakh billion. Worries about a potential Middle East escalation grew after Iran fired ballistic missiles at Israel earlier this week. This event raised concerns that oil supplies from the region could be disrupted if the conflict worsened.
As a result, oil prices rose on the day, which is bad news for oil-importing countries like India, where crude oil accounts for a large amount of the import cost. Reliance Industries, HDFC Bank, ICICI Bank, M&M, L&T, and Bharti Airtel were the most significant contributors to the Sensex’s drop. JSW Steel and Tata Steel were the only equities to open higher. The Nifty Oil & Gas index slid more than 1.2% in early trade, driven down by concerns about the developing Middle East crisis, with Hindustan Petroleum, IOC, and GSPL among the top laggards. Meanwhile, India’s VIX, a measure of market volatility, rose 8.9% to 13.06.
