Share Market Update: The local stock market on Monday recorded a significant decline in West Asia after US bombing at 3 major nuclear installations of Iran. The Sensex slipped 511 points while the Nifty lost more than 140 points. During the trading, the Sensex fell 931.41 points, or 1.13 percent, to 81,476.76 points, but later compensated some of its losses. The BSE Sensex rose by 1,046.30 points to 82,408.17 on Friday and the Nifty climbed 319.15 points to close at 25,112.40 points.
Analysts said that American intervention in the ongoing conflict between Iran and Israel has raised concerns about West Asia. The US has bombed Iran’s three major nuclear sites- Fordo, Natanj and Isfahan. Due to this, there is an atmosphere of uncertainty on the crude oil business leading to the hormuj strait.
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BSE’s 30-share standard index Sensex fell 511.38 points, or 0.62 percent, closed at 81,896.79 points in the Sensex fluctuating trading. During the trading, the Sensex fell 931.41 points, or 1.13 percent, to 81,476.76 points, but later compensated some of its losses.
The 50 -share standard index Nifty of the National Stock Exchange (NSE) fell 140.50 points, or 0.56 percent to close at 24,971.90 points. The Sensex’s 30 shares were the biggest decline in HCL Tech, Infosys, Larsen & Toubro, Mahindra & Mahindra, Hindustan Unilever, ITC, Tata Consultancy Services and Maruti.
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Conversely, the shares of Trent, Bharat Electronics, Bajaj Finance and Kotak Mahindra Bank were in growth. In other markets in Asia, South Korea’s Korea and Nikki of Japan fell down, while China’s Shanghai Composite and Hong Kong’s hangs remained in the lead.
The European markets were trading in the afternoon session with a decline. On Friday, most of the US markets closed down. The global oil standard brant crude rose 0.49 percent to $ 77.39 per barrel amidst the crisis deepening in West Asia.
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Vinod Nair, head of research of Jiojit Investment Limited, said the market had increased in the hope of decreasing tension in West Asia last Friday. But the unexpected US air strikes on Iran’s nuclear installations over the weekends broke the expectations. This led to a sharp rise in crude oil prices and the domestic stock market remained in limited range.
Nair said that despite the initial shock, the market compensated for its loss due to an increase in capital goods and metal shares, as there was less possibility of any disruption in oil supply. According to the stock market data, foreign institutional investors (FIIs) on Friday made net purchases of 7,940.70 crore rupees shares. The BSE Sensex rose by 1,046.30 points to 82,408.17 on Friday and the Nifty climbed 319.15 points to close at 25,112.40 points. (Language)
Edited by: Chetan Gour
