Stock market opened with heavy fall amid increasing conflict in West Asia, Sensex-Nifty fell by more than 2 percent

Mumbai, March 4. Indian stock market opened in the red with a big fall on Wednesday (after Holi holiday on Tuesday) due to selling in global stock markets and increase in oil prices due to the ongoing war between America-Israel and Iran. During this period, the 30-share BSE Sensex opened at 78,528.82, down 1,710 points from its previous close (80,238.85), while the NSE Nifty also opened at 24,388.80, down 476.9 points from its previous close (24,865.70).

Till the time of writing the news (around 9.27 am), Sensex was trading 1750.60 points (2.18 percent) down at 78,488.25, while Nifty was seen trading down 543.50 (2.19 percent) points at 24,322.20. During this period, except Nifty IT, all the Nifty indices were seen trading in the red. At the same time, out of 30 Sensex shares, except 4, 26 shares were trading in the red.

A big decline was also seen in the broader market. The Nifty Midcap index recorded a decline of 2.7 percent, while the Nifty Smallcap index recorded a decline of 2.8 percent. Sector wise, Nifty Auto and Nifty Metal indices recorded the biggest decline. At the same time, Nifty IT was the only index which gained in the beginning.

Larsen & Toubro, Tata Steel, Indigo, Shriram Finance, UltraTech Cement and JSW Steel were among the top losers in the Nifty 50 index. Whereas Coal India, Infosys and Tech Mahindra, BEL, TCS and HCL Technology were included in the list of top gainers. At the same time, in the Sensex pack, shares of Infosys, Tech Mahindra, HCL Tech, TCS and BEL recorded the highest rise. Whereas shares of L&T, Tata Steel, Indigo, UltraTech Cement and Titan recorded the biggest decline.

Whereas, if we talk about global markets, the decline in Asian markets continued for the third consecutive day. South Korea’s Kospi index fell 7 percent as investors remained uncertain about rising geopolitical tensions in the Middle East. Despite recovering some losses, US stock markets closed down. Oil prices remained stable around $82 a barrel, despite US President Donald Trump’s assurance of ensuring the safety of shipping through the Strait of Hormuz.