Continuing its downtrend for the third day working, the 30-share BSE Sensex tanked 585.63 factors to 72,814.15 on April 16, 2024. File
| Photo Credit: PTI
Equity benchmark indices continued to slump in early commerce on April 16 on fears of escalating tensions in the Middle East and weak world developments.
Foreign fund outflows and uptick in Brent crude oil costs additionally dented buyers’ sentiment.
Continuing its downtrend for the third day working, the 30-share BSE Sensex tanked 585.63 factors to 72,814.15. The NSE Nifty declined 168.65 factors to 22,103.85.
From the Sensex basket, IndusInd Bank, Infosys, Bajaj Finance, Kotak Mahindra Bank, Bajaj Finserv, NTPC, Tata Consultancy Services, and ICICI Bank have been the key laggards.
Titan Company, Mahindra & Mahindra, Nestle, and Maruti have been among the many gainers.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong have been buying and selling decrease.
Wall Street ended in unfavourable territory on Monday.
“Market sentiment was impacted by higher-than-expected inflation data and tensions between Iran and Israel,” mentioned Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Global oil benchmark Brent crude climbed 0.58% to $90.62 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities value ₹3,268 crore on Monday, in accordance to trade information.
The market is extra involved concerning the geopolitical problem, mentioned V.Okay. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“Israel’s military chief’s statement that “there shall be a response to Iran’s assault on Israel” has increased the probability of escalation of tensions in the Middle East. We don’t know the timing and the nature of the Israeli response, which can be totally unexpected. This is likely to keep the markets weak in the near-term,” Mr. Vijayakumar added.
The BSE benchmark tanked 845.12 factors or 1.14% to settle at 73,399.78 on Monday. The NSE Nifty declined 246.90 factors or 1.10% to end at 22,272.50.
