Sensex and Nifty Plunge as Middle East Conflict Escalates – October 2024
Rising Middle Eastern tensions drove a notable decline in Indian equity markets early today’s trading. The National Stock Exchange (NSE) Nifty dropped by 345.3 points to 25,451.60; the Bombay Stock Exchange (BSE) Sensex sank by 1,264.2 points to 83,002.09.
Indian Markets Tumble as Middle East Conflict Deepens, Sensex Drops 1,264 Points
Heavyweight stocks such as Reliance Industries, HDFC Bank, and ICICI Bank were among the primary contributors to the market’s decline.
Other notable laggards included Tata Motors, Asian Paints, Larsen & Toubro, Axis Bank, Mahindra & Mahindra, Maruti, and Kotak Mahindra Bank.
Market Sentiment and Global Influences
The growing violence in the Middle East, which has driven crude oil prices skyward, further soured the market attitude. Brent crude, the global oil benchmark, climbed 1.15% to $74.75 a barrel. This geopolitical instability has prompted Foreign Institutional Investors (FIIs) to offload equities worth ₹5,579.35 crore on Tuesday.
Mixed Performance in Asian Markets
While Tokyo showed encouraging tendencies, Asian markets showed uneven performance; Hong Kong traded less. Markets in mainland China remained closed for the rest of the week due to a holiday.
Senior VP (research) Prashanth Tapse of Mehta Equities Limited said, “The growing Middle Eastern tensions have had a major effect on world markets, including India. The surge in crude oil prices and the heavy selling by FIIs have added to the market’s woes.”
Market players are encouraged to remain wary and keep close observation of world events as the Middle Eastern conflict keeps developing. Under impact of both domestic and international elements, the Indian equity markets are predicted to remain erratic in the near future.
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