Stock Market
₹7.33 trillion wiped out as Sensex, Nifty tumble amid West Asia tensions
Mumbai/IBNS: The Indian stock market witnessed a sharp sell-off on Monday, with the BSE Sensex plunging over 1,500 points and the NSE Nifty 50 falling more than 400 points, tracking heightened geopolitical tensions in West Asia, media reports said.
The Sensex opened with losses of over 1,400 points and extended its fall beyond 1,500 points within the first hour of trading. The Nifty also held on to losses exceeding 400 points.
Amid the broad-based sell-off, Oil and Natural Gas Corporation (ONGC) emerged as the only stock in the Nifty pack to trade in the green during the market rout.
The Indian equity benchmarks mirrored weak global cues, following subdued trading across Asian markets as well as declines in the Dow Jones Industrial Average.
Investors saw their wealth erode by approximately ₹7.33 trillion as markets tumbled sharply, largely due to escalating tensions involving Iran and the United States–Israel axis.
In the commodities market, gold prices slipped to a four-month low, while silver declined around 3% to approximately $4,340 per ounce.
Market expert Anil Singhvi told Zee Business that he sees immediate support for the Nifty 50 at 22,800–22,925 and 22,500–22,750 levels, followed by a stronger support zone at 22,075–22,300.
For the Nifty Bank, Singhvi expects support at 52,750–52,925, with a stronger support range placed at 52,050–52,325.
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