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BusinessSensex, Nifty tumble as conflict in West Asia spooks investors

Sensex, Nifty tumble as conflict in West Asia spooks investors


Mumbai: Stock markets took a beating on Monday with benchmark Sensex and Nifty tumbling over 1 per cent as escalating conflict in the West Asia and weak trends from global markets unnerved investors.

Investors' wealth erodes by Rs 5.18l cr

– A sharp plunge in the stock market wiped out Rs 5.18 lakh crore from investors' wealth on Monday as an escalating conflict in the Middle East hit the market sentiment
– “Investors have resorted to profit-taking. Geopolitical tensions and uncertainty over interest rate cuts could have a bearing on the markets,” said Prashanth Tapse, senior VP, Mehta Equities Ltd

Falling for the second session in a row, the 30-share BSE Sensex tanked 845.12 points or 1.14 per cent to settle at a more than two-week low of 73,399.78. During the day, it plunged 929.74 points or 1.25 per cent to 73,315.16.

The NSE Nifty declined 246.90 points or 1.10 per cent to settle at 22,272.50. Key indices had plunged by over 1 per cent in the previous session on Friday due to profit taking by investors at record high levels. Sensex lost 1,638 points or 2.19 per cent while Nifty plunged 481 points or 2.13 per cent to slip below the 22,300 level in two straight sessions.

Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets. Analysts said the renewed conflict in the Middle East, proposed changes in the -Mauritius tax treaty and the hotter-than-expected US inflation proved to be major drags.

From the Sensex basket, Wipro, ICICI Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Larsen & Toubro, Tech Mahindra and HDFC Bank were the major laggards.

Nestle, Maruti and Bharti Airtel were the gainers. In the broader market, the BSE smallcap gauge declined 1.54 per cent and midcap index dipped 1.50 per cent.

Among the indices, services droped by 2.12 per cent, financial services by 1.81 per cent, IT by 1.58 per cent, bankex by 1.55 per cent and utilities by 1.37 per cent. Energy and oil & gas were the gainers.

The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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