Indian shares fell sharply on Monday even as metal stocks logged strong gains following China’s announcement of several measures to boost its slowing economy over the weekend.
A cautious undertone prevailed due to rising tensions in the Middle East after Israel intensified its military operations against Hezbollah in Lebanon on Sunday, targeting numerous sites following the killing of the group’s leader, Sayyed Hassan Nasrallah.
It is feared that Israel’s increased attacks against Hezbollah in Lebanon and Houthi in Yemen may bring the region one step closer to a much wider conflict involving Iran and the United States.
There were also apprehensions that a plausible increase in Yen interest rate can reduce cross country investments in equity.
The benchmark S&P/BSE Sensex tumbled 1,272.07 points, or 1.49 percent, to 84,299.78 while the broader NSE Nifty index closed at 25,810.85, down 368.10 points, or 1.41 percent, from its previous close.
BEL, Reliance Industries, Trent, Axis Bank and Hero MotoCorp fell 3-4 percent in the Nifty pack, while JSW Steel topped the gainers list to end nearly 3 percent higher.
Tata Steel, Britannia Industries, Hindalco and NTPC all rose around 1 percent.
Market Analysis
Sensex Slumps 1,272 Points; Nifty Ends At 25,810
2024-09-30 10:28:12
