Stock Market Highlights: Sensex, Nifty Settle Over 0.5% Lower As US-Iran Tensions Escalate
The Indian benchmark indices slipped after US strike on Iran raised fears of disruption in oil trade routes.
The benchmark indices ended lower on Monday despite recovering from the sharp intraday lows that were triggered by the escalating geopolitical tensions.
The stock market had opened under pressure following the US strikes on Iran a day earlier, that raised concerns over possible retaliation and disruption of global oil trade routes through the Strait of Hormuz.
The broader indices slipped nearly 1% intraday, with NSE Nifty 50 falling below the 25,000 mark and Sensex down nearly 800 points before trimming losses.
The Nifty 50 closed 0.55% lower at 24,975.10, while the BSE Sensex ended 0.61% lower at 81,907.15.
During the day, the indices hit intraday lows of 24,824.85 and 81,476.76, respectively. Both indices recovered nearly 150 points from the day’s lows but still ended with losses of over 0.5%.
Trent Ltd. and Bharat Electronics Ltd. were the biggest gainers in the Nifty 50. On the other hand, Infosys Ltd. and Larsen & Toubro Ltd. led the losses. In the Nifty 50 basket, only 15 out of 50 stocks closed higher.
Six out of the 15 NSE sectoral indices ended in the green, with Nifty Media and Nifty Defence leading gains. Zee Entertainment Enterprises Ltd. and Nazara Technologies Ltd. topped the media pack.
Defence stocks traded firmly in the green, with shares of Ideaforge Technology Ltd., Garden Reach Shipbuilders and Engineers Ltd., Paras Defence Ltd., Zen Technologies Ltd. and Cochin Shipyard Ltd. rallying.
Nifty IT was the worst-performing sector of the day, dragged down by losses in Infosys Ltd. and HCL Technologies Ltd. Nifty Auto also declined with Hero MotoCorp Ltd. and Mahindra & Mahindra Ltd. leading the losses.
Broader market indices marginally outperformed the frontline indices. The BSE MidCap index fell 0.16%, while the BSE SmallCap index declined 0.52%. However, the Nifty Midcap 150 and Smallcap 250 posted gains for the second consecutive session.
Among notable movers, Mangalore Refinery and Petrochemicals Ltd. and Poonawalla Fincorp Ltd. were the top gainers in the Nifty Midcap 150, while Zee Entertainment and Chennai Petroleum Corporation Ltd. led the Nifty Smallcap 250.
Nifty Media, Metal, Oil & Gas, and Pharma indices extended their gains for the second session in a row.
The market breadth on the BSE was skewed in favour of the sellers. A total of 2,200 stocks declined, 1,856 advanced, and 184 remained unchanged.
