Markets slump on heightened tensions in Middle East; Sensex drops 500 pts
Mumbai, Jun 23 (PTI): Stock market benchmark indices Sensex and Nifty tumbled on Monday, as intensifying tensions in the Middle East after the US bombed three major nuclear sites in Iran unnerved investors.
Besides, selling pressure in IT, tech and auto stocks amid elevated global crude prices dented market sentiments, traders said.
After losing over 900 points in day trade, the 30-share index recovered some lost ground to close with a loss of 511.38 points or 0.62 per cent at 81,896.79.
During the day, it tumbled 931.41 points or 1.13 per cent to 81,476.76.
As many as 2,204 stocks declined, while 1,854 advanced and 182 remained unchanged on the BSE.
The 50-share NSE Nifty dropped 140.50 points or 0.56 per cent to 24,971.90.
"The entry of the US into the Israel-Iran conflict heightened tension as panic selling by investors triggered major correction in early trade. Also, if oil prices shoot up rapidly due to the ongoing war, higher import bills would lead to a fast decline in the local currency against the dollar and weigh on inflation.
"However, FIIs turning out buyers of local shares worth over Rs 10,000 crore in the past 4 sessions shows that India's strong fundamentals continue to attract foreigners despite global uncertainty," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The US bombed three major nuclear sites -- Fordow, Natanz and Isfahan -- in Iran, directly engaging itself in the Israel-Iran conflict.
From the Sensex pack, HCL Tech, Infosys, Larsen & Toubro, Mahindra & Mahindra, Hindustan Unilever, ITC, Tata Consultancy Services and Maruti were the biggest laggards.
In contrast, Trent, Bharat Electronics, Bajaj Finance and Kotak Mahindra Bank were among the gainers.
The BSE smallcap gauge climbed 0.57 per cent, and the midcap index rose 0.20 per cent.
Among BSE sectoral indices, BSE Focused IT lost 1.48 per cent, IT tanked 1.46 per cent, teck (1.10 per cent), auto (0.88 per cent), FMCG (0.62 per cent), telecommunication (0.50 per cent) and bankex (0.38 per cent).
Capital Goods jumped 0.94 per cent, services (0.73 per cent), metal (0.71 per cent), commodities (0.46 per cent) and consumer durables (0.38 per cent).
"Last Friday, markets buildup in anticipation of easing Middle East tensions, following the US announcement of a two-week window to deliberate its involvement in the Israel-Iran conflict. However, the unexpected US airstrike on Iran’s nuclear facilities over the weekend disrupted those expectations, triggering a sharp rise in crude oil prices and leading to consolidation in the domestic equity market," Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended higher.
European markets were trading lower in mid-session.
US markets ended mostly lower on Friday.
Global oil benchmark Brent crude climbed 0.49 per cent to USD 77.39 a barrel.
Despite the initial setback, the market recovered some of its losses, supported by gains in capital goods and metal stocks, as fears of an immediate oil supply disruption remained low, he added.
Foreign Institutional Investors (FIIs) bought equities worth Rs 7,940.70 crore on Friday, according to exchange data.
On Friday, the 30-share BSE Sensex surged 1,046.30 points or 1.29 per cent to settle at 82,408.17. The Nifty climbed 319.15 points or 1.29 per cent to 25,112.40.
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Mamata urges electors to cast vote to take revenge for deletion of people's names from rolls
Samserganj (WB) (PTI): West Bengal Chief Minister Mamata Banerjee on Sunday urged people to cast their votes to take revenge for the deletion of people's names from the electoral rolls.
The Trinamool Congress chief urged people whose names have been deleted from the voter list during the Special Intensive Revision (SIR) of electoral rolls to move appeals before the tribunal.
Addressing an election rally at Samserganj, which was the epicentre of violence during the protests against the Waqf (Amendment) Act in Muslim-majority Murshidabad district in April 2025, she said, "Cast your votes to take revenge for deletion of people's names, and against the SIR so that the results reflect that."
Banerjee asked the TMC workers to remain vigilant till the counting date on May 4. Assembly polls in West Bengal will be held in two phases on April 23 and 29.
In an apparent reference to Union Home Minister Amit Shah, Banerjee alleged that he was behind the deletion of voters' names in West Bengal during the SIR exercise.
"If you have the guts, fight directly," she said.
Asking all the TMC workers to remain vigilant during the election period, Banerjee said, "I hope none of our booth agents will sell themselves off to the BJP, in the interest of West Bengal."
Claiming that EVM machines will be made to malfunction at some places, the TMC chief instructed party workers not to allow EC officials to repair the machines and instead demand replacements.
Speaking at the rally in support of Mohammed Nur Alam in Samserganj and Mohammed Amirul Islam in Farakka, Banerjee accused the BJP of spreading canards against her that she did not do much for the interest of the Muslims, maintaining that she has fought hard against the implementation of the Waqf (Amendment) Act.
Murshidabad witnessed violence during the implementation of the Waqf (Amendment) Act, leading to the death of some persons including a father-son duo who were hacked to death by a mob, with the BJP accusing the TMC of engineering violent agitations in various parts of the district.
Claiming that development work has stalled owing to the assembly polls, she said, "They (EC) have transferred nearly 500 officers, but this is only for a month; work will begin again after that."
The chief minister accused the EC of "deleting names of some, while intimidating some others", in the name of SIR of electoral rolls.
Banerjee asked why the assembly polls could not be conducted with the same electoral rolls used in the 2024 general elections.
"If the voter list contained names of infiltrators, the Prime Minister and the Home Minister also won with their votes earlier, so they should have resigned first," she said.
Claiming that she and her party will never allow the establishment of detention camps in the name of NRC, Banerjee said, "That is why you are being vengeful against me."
She sought to remind that the Election Commission's authority over the state's administration is till completion of the election process.
The chief minister asked why several senior officers of her government, who were earlier replaced from their positions by the EC, were being sent to the assembly poll-bound Tamil Nadu.
Banerjee alleged that officers who are relatives of BJP leaders have been deputed in West Bengal.
She claimed that during the TMC rule, youths from among the minority community and the Scheduled Castes and Scheduled Tribes got better education opportunities and made it to the IAS, IPS and WBPS cadre and also became doctors and engineers.
"The society is advancing, but the jealous BJP people cannot stand this," the TMC chief said.
Banerjee assured people that women will receive lifelong financial benefits under Lakshmir Bhandar scheme if the TMC returns to power for a fourth consecutive term.
"We will find livelihood opportunities for those registered under Banglar Yuba Sathi," she said about the newly launched scheme to provide monthly assistance of Rs 1,500 each to the jobless youths in the state.
