Share Market Bleeds At Open As Israel-Iran Escalations Threaten Middle-East Stability

Benchmark indices, Sensex and Nifty, started the week deep in the red as tensions escalated between Iran and Israel.

What Happened: At the time of writing, the Sensex was down 569.03 points at 73,675.87, while the Nifty was down 0.76% at 22,349.10. Shares of Nifty heavyweights HDFC Bank, Reliance Industries, State Bank Of India, Tata Motors, Adani Enterprises and ITC were all crashing on Monday morning. 45 out of the 50 stocks in the Nifty were in the red. ONGC, Hindalco, and Tata Consultancy Services lead the gainers in early trade.

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The rupee also weakened by 6 paise to ₹83.44 against the US dollar in early trade on Monday, influenced by negative equity markets and the withdrawal of foreign funds.

“The Israel-Iran conflict, domestic and global economic macroeconomic data, crude oil prices, January-March quarter results for Q4FY24, general elections 2024, and global cues are likely to keep investors on their toes and will guide market direction this week,” said Devarsh Vakil, Deputy Head, Retail Research, HDFC Securities.

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