Mumbai: The effect of increasing geopolitical tension in West Asia was clearly visible on the Indian stock market on Wednesday. There was selling pressure since the beginning of trading, due to which BSE Sensex fell by almost 600 points in early trade, while NSE Nifty was also seen trading in the red.
Sensex opened with a fall of 85.16 points at 77,384.95. Its fall increased to around 619 points in early trade. Till the time of writing the news, Sensex was trading at 76,911.86, down 558.25 points (0.72%).
Similarly, Nifty-50 opened at 24,150.45 with a weakness of 37.25 points. It later traded 163.90 points (0.68%) lower at 24,023.80.
America-Iran tension became the major reason for the decline
According to market experts, the increasing tension between the US and Iran has affected the risk appetite of global investors. After the breakdown of peace talks, Iran has warned that if its nuclear facilities are attacked, it could target the interests of America and its allies. This development has also increased vigilance in global markets.
Most pressure in these sectors
Selling was seen in almost all major sectors in the market. Except Nifty Auto, most other sectors remained in the red. Shares of banking, financial services, pharma, media, realty, healthcare and cement sectors fell by 1 to 2 percent.
Weakness in these shares
Indigo’s share fell by about 3 percent among Sensex companies. Apart from this, shares of State Bank of India (SBI), Sun Pharma, Axis Bank, Tata Steel, ICICI Bank and Tech Mahindra fell by 1 to 2 percent.
Along with this, shares of Infosys, HDFC Bank, UltraTech Cement, Bajaj Finserv, Adani Ports, Kotak Mahindra Bank, L&T, BEL, Trent, ITC, Bajaj Finance and Reliance Industries were also seen trading in loss. Whereas shares of Titan and Eternal registered gains.
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