The Indian equity market witnessed a significant sell-off, wiping off Rs 6.59 lakh crore from investor wealth, triggered by rising geopolitical tensions in West Asia. The BSE Sensex fell by over 1,000 points as investors shifted to safe-haven assets amid concerns of rising oil prices and inflation.
West Asian Tensions Rattle Indian Markets, Triggering Heavy Losses
Indian equity markets suffered a steep downturn on Monday, with investor wealth diminishing by Rs 6.59 lakh crore as geopolitical tensions in West Asia spurred market anxiety. The 30-share BSE Sensex dropped 2,743.46 points initially, eventually closing 1,048.34 points lower at 80,238.85.
The escalating conflict, marked by US-Israeli strikes in Iran, led to a marked decrease in market sentiment. Brent crude oil prices spiked by 7.29%, contributing to concerns over inflation and currency pressure, as highlighted by Siddhartha Khemka of Motilal Oswal Financial Services.
Prominent laggards included InterGlobe Aviation, Adani Ports, and Maruti, while ITC and Sun Pharma showed resilience. The BSE saw over 3,500 stocks decline amidst rising fears of heightened geopolitical risks.
(With inputs from agencies.)
