Stock Market
Bloodbath on Dalal Street! Sensex, Nifty crash amid escalating Middle East conflict
Mumbai/IBNS: The Indian stock market crashed on Monday with massive losses in the BSE Sensex and NSE Nifty 50 as the Middle East conflict escalated, media reports said.
The Sensex nosedived nearly 2,400 points at the opening bell and continued to trade sharply lower hours later. Though it recovered slightly, the index was still down by around 1,800 points.
The Nifty 50 opened below the 24,000 mark and, as per the latest update, was trading over 500 points lower.
Nifty PSU Bank Index emerged as the biggest laggard in morning trade, declining nearly 4 percent amid a spike in oil prices linked to the Iran conflict.
Among individual stocks, shares of InterGlobe Aviation (IndiGo) fell 5.4 percent, State Bank of India declined 5.1 percent, while Tata Motors and Shriram Finance dropped about 5 percent each, topping the list of laggards.
Auto stocks also witnessed a sharp decline with Maruti Suzuki, Mahindra & Mahindra, Eicher Motors and Bajaj Auto dragging the market down.
Shares of UltraTech Cement and Larsen & Toubro also posted significant losses as Dalal Street witnessed a broad market selloff.
Meanwhile, GIFT Nifty, which reflects the performance outlook for the Nifty 50, slumped 2.3 percent amid a global market rout as oil prices surged to around $105 per barrel on Monday.
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