Markets: On ‘Black Friday,’ amid Israel-Iran war, Sensex, Nifty fall
Virendra Pandit
New Delhi: Amid the ongoing geopolitical churning, trade and tariff uncertainties and the fresh outbreak of the Israel-Iran conflict, the Indian stock markets witnessed a steep fall on the ‘Black Friday’ for investors.
Both benchmark indices opened deep in the red, reacting sharply to rising geopolitical tensions in the Middle East.
The Nifty 50 index plummeted to 24,473.00, losing 415.20 points or -1.67 percent, while the BSE Sensex fell to 80,429.54, down by 1262.44 points or -1.55 percent in early trade.
While the BSE lost 573.38 points, (0.70 percent) to settle at 81118.60, Nifty50 went down 169.60 points (0.68 percent) to close at 24718.50.
Gold became costlier by Rs. 1,486 per 10 gm to close at Rs.99,878, while silver price gained Rs.375 per kg to close at Rs. 106,260.
The sharp fall came after Israel launched an attack on Iran early Friday, increasing fears of a broader regional conflict.
The United States termed the Israeli attack a “unilateral military action” and warned Iran against retaliating by targeting US bases and facilities in the region.
Markets around the globe reacted with panic as the situation remains fluid and uncertain. US futures and major Asian indices also declined sharply as investors rushed to reduce risk exposure.
In India, the sectoral indices on NSE saw heavy selling across the board. Nifty Auto dropped by more than 2 percent, Nifty IT fell 1.87 percent, Nifty Metal and Nifty Media each declined by 1.77 percent, Nifty Pharma was down by 1.3 percent, and Nifty PSU Bank dropped by 1.86 percent.
The broader market indices also mirrored the fall, Nifty Midcap fell by 1.69 percent, and Nifty Smallcap declined by 1.87 percent.
Investors are now on edge, as Israel has declared a national emergency in anticipation of Iranian retaliation. Iran may target Persian Gulf oil supply routes, which could impact global crude supply and drive oil prices higher.
Adding to the nervousness in aviation and related stocks, Boeing shares fell by 4.79 percent on the NYSE on Thursday after an Air India Boeing 787–8 Dreamliner crashed in Ahmedabad, leaving over 240 dead.
The uncertainty around oil supplies and the potential for a larger regional conflict is likely to keep markets volatile in the coming days.
