Israel-Iran Missile War Hits Dalal St

Market capitalisation (mcap) of BSE-listed companies dropped by Rs9.78 lakh crore to Rs465.07 lakh cr or $5.54 trn

Mumbai: Benchmark BSE Sensex tanked 1,769 points to slide to a three-week low on Thursday as a spiralling conflict in West Asia triggered selling in oil, banking and auto shares, wiping out Rs9.78 lakh crore investor money in a single day.

Falling for the fourth day running, the BSE Sensex tumbled 1,769.19 points or 2.10 per cent to settle at 82,497.10, its lowest closing level since September 11. During the day, it plummeted 1,832.27 points or 2.17 per cent to 82,434.02. As many as 29 Sensex scrips closed in the red while only one stock ended in the green. The NSE Nifty slumped 546.80 points or 2.12 per cent to 25,250.10 with 48 of its constituents ending lower.

Market capitalisation (mcap) of BSE-listed companies dropped by around Rs9.78 lakh crore to Rs4,65,07,685.08 cr ($5.54 trn). Continuous foreign fund outflows and rising crude oil prices dented investors’ sentiment, analysts said. From the 30 Sensex firms, Larsen & Toubro, Reliance Industries, Axis Bank, Asian Paints, Tata Motors, Bajaj Finance, Maruti, Bajaj Finserv, Kotak Mahindra Bank, Titan, Adani Ports and HDFC Bank were the major laggards. JSW Steel emerged as the only gainer.

“The domestic market took a sharp downturn following Iran’s launch of ballistic missiles at Israel, sparking fears of retaliation and escalation in the war. New Sebi regulations for the F&O segment have raised concerns about reduced trading volumes in the broader market. Lastly, with attractive valuations in China, FIIs have redirected their funds, adding pressure on Indian stocks,” Vinod Nair, Head (Research), Geojit Financial Services.

The BSE midcap gauge tumbled 2.27 per cent and smallcap index dropped 1.84 per cent. All indices ended lower.

“Fears of FPIs and FIIs switching to China from Indian equities were prevalent, especially considering the sharp valuations of domestic markets compared to China,” said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.Realty tanked 4.49 per cent, while capital goods (3.18 per cent), auto (2.94 per cent), services (2.87 per cent), industrials (2.75 per cent) and oil & gas (2.52 per cent) were among the major losers.