Iran-Israel war is impacting the market, Sensex fell by 2,346 points, Nifty slipped by 709 points.
Mumbai. The domestic stock market fell heavily in early trade on Monday due to a sharp rise in crude oil prices amid rising tensions in West Asia and weakness in global markets. Sensex fell 2,346 points while Nifty fell 709 points.
Analysts said continued selling by foreign investors has also impacted investor sentiment. BSE’s 30-share benchmark Sensex fell 2,345.89 points, or 2.97 percent, to 76,573.01 in early trade.
At the same time, NSE’s 50-share standard index Nifty was trading at 23,741.70, down 708.75 points or 2.89 percent. Shares of all 30 companies included in the Sensex were trading in decline. Shares of InterGlobe Aviation fell by nearly eight percent.
Significant decline was also seen in Tata Steel, Maruti, State Bank of India, Eternal, Asian Paints and ICICI Bank. Meanwhile, a big jump was recorded in the price of crude oil in the international market. Global benchmark Brent crude rose 23.63 percent to $114.59 per barrel.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said, “With Brent crude reaching close to $ 115 per barrel, global economies and markets have been dealt a major blow. If the conflict in West Asia prolongs and oil prices remain high, it will have a negative impact on major oil importing countries like India.”
There was a huge decline in other markets of Asia also. South Korea’s Kospi index fell more than seven percent, while Japan’s Nikkei fell nearly 6.5 percent. China’s Shanghai Composite and Hong Kong’s Hang Seng also remained in loss. US stock markets closed with a decline on Friday.
According to stock market data, foreign institutional investors (FIIs) on Friday sold shares worth Rs 6,030.38 crore while domestic institutional investors (DIIs) bought shares worth Rs 6,971.51 crore. Earlier on Friday, Sensex fell 1,097 points to 78,918.90 and Nifty fell 315.45 points to 24,450.45.
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