Kolkata: Both benchmark indices of the Indian stock market Sensex 30 and Nifty 50 opened deep in the red. Sensex 30 tanked 1,000.88 points (or 1.23%) to reach 80,691.10 points at 9:15 am while Nifty tanked 344.35 points (or 1.38%) to reach 24,543.85 points.
That investor sentiment was dampened was quite obvious from the cues and the manner in which the markets closed on June 12. On Thursday about Rs 6 lakh crore was wiped out from the Indian stock market as Sensex and Nifty closed the session down 1% and 1.01% respectively.
The West Asia crisis has significant implications for the Indian economy. Iran is OPEC’s third largest crude oil producer. Military conflict between Israel and Iran can not only prolong the geopolitical tension in the perennial soft spot of West Asia but can easily lead to a surge in crude oil prices around the world, which, in turn, can not only lead to inflation but also can be a drag on India’s economy which is heavily dependent on import of crude (to the extent of more than 80% of the annual requirement).
Early gainers on NSE
According to NSE data, the early gainers today were ZENITHSTL, IDEAFORGE, PRUDMOULI, FLEXITUFF, CALSOFT, ALPSINDUS, GLFL, SHAH, VIMTALABS, HINDOILEXP.
Global markets
On June 12, Dow Jones ended significantly down (1.38%) in the US, while S&P500 and Nasdaq managed to cling to the green zone by 0.38% and 0.24% respectively. In Europe only FTSE ended in the green with CAC and DAX ending lower. On Friday morning, GIFT Nifty was down by 0.77% at 7:30 am. All the Asian indices Nikkei 225, Hang Seng, Straits Times, Shanghai Composite, Taiwan Weighted and KOSPI were trading in the red.
On Thursday, Sensex 30 closed at 81,691.98, down 823 points, while Nifty 50 settled 253 points lower at 24,888.20. BSE Midcap and Smallcap indices dropped even more — 1.52% and 1.38% respectively. The market capitalisation of BSE firms declined by about Rs 449.6 lakh crore from about Rs 455.6 lakh crore.
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As indicated by the global cues and the West Asia crisis that showed all signs of intensifying with Israel striking Teheran and Iran vowing to retaliate, both the benchmark indices Sensex and Nifty opened deep in the red. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
