Updated April 15th, 2024 at 09:37 IST

Nifty, Sensex open lower amid escalating Middle East tensions

As of 9:30 am, the NSE Nifty 50 dropped by 0.88 per cent to 22,320.20, while the S&P BSE Sensex fell by 0.85 per cent to 73,611.97.

Reported by: Business Desk
Stock market news | Image:Republic World
Advertisement

Stock market news: Indian benchmarks commenced the week on a downward trajectory as investors responded to heightened geopolitical tensions following Iran's retaliatory attack on Israel over the weekend, stoking fears of a broader regional conflict.

As of 9:30 am, the NSE Nifty 50 dropped by 0.88 per cent to 22,320.20, while the S&P BSE Sensex fell by 0.85 per cent to 73,611.97. All 13 major sectors recorded losses, with small-caps and mid-caps experiencing declines of approximately 3 per cent and 2 per cent, respectively.

Advertisement

Earlier indications suggested a lower opening for Indian shares, aligning with the bearish sentiment across Asian markets.

Global markets reacted cautiously to the geopolitical tensions, with the MSCI Asia ex-Japan index shedding 0.8 per cent as risk assets came under pressure following Iran's deployment of explosive drones and missiles towards Israel.

Advertisement

Manoranjan Sharma, Chief Economist at Infometrics Ratings, remarked, "There is a clear possibility of further escalation and retaliatory strikes by Israel... It's uncertain times for global stock markets."

Investor attention is likely to focus on India's information technology sector, particularly after Tata Consultancy Services reported lower-than-expected quarterly revenue due to weak client spending in North America.

Advertisement

Stocks to watch

  • Granules India: The U.S. drug regulator's investigation into the company's unit V facility at Anakapally resulted in zero Form 483 observations.
  • ISMT: The company secured two contracts from Oil and Natural Gas Corporation (ONGC.NS), valued at approximately Rs 344 crore (about $41 million).
  • Rail Vikas Nigam: The company received a letter of acceptance for a work order worth Rs 95.95 crore.
  • Anand Rathi Wealth: The company reported a rise in consolidated net profit in the March quarter, announced a dividend of 9 rupees per share, and approved a proposal to buy back shares worth Rs 165 crore.
     
Advertisement

Published April 15th, 2024 at 09:37 IST