Stock Market Today: Sensex, Nifty fall sharply as Donald Trump warns Iran war may escalate. Photo: Gemini.
Stock Market Today: The market opened significantly lower on Thursday with a bearish look, tracking losses in global markets after Donald Trump warned that the war in Iran could intensify over the next two to three weeks.
At 09:16 am, the benchmark indices were trading deep in the red. The BSE Sensex was down 1,385.82 points or 1.89% at 71,748.50, while the Nifty 50 fell 426.40 points or 1.88% to 22,253.00.
Market breadth also remained weak. Around 566 shares advanced, 1,823 declined, while 130 remained unchanged.
Market sentiment weakened after Trump suggested that while Washington was nearing the completion of its core objectives in Iran, the US military would continue to carry out aggressive strikes on the country over the next two to three weeks.
His remarks heightened fears that tensions in the West Asian region may not subside anytime soon.
Following his speech, crude oil prices rebounded sharply. Brent crude climbed more than 4% to move above $105 per barrel, while West Texas Intermediate crude rose over 3% to trade above $103 per barrel.
Oil prices also surged because Trump’s remarks did not provide clarity on the reopening of the Strait of Hormuz, a critical maritime route for global energy supplies.
Foreign investors also contributed to the weakness in the market. According to provisional data from the National Stock Exchange of India, foreign portfolio investors (FPIs) offloaded shares worth Rs 8,331 crore on Wednesday.
However, domestic institutional investors (DIIs) offered some support by purchasing stocks worth Rs 7,172 crore during the same period.
The India VIX, often referred to as the market’s fear gauge, rose 5% on April 2, a day after it had declined 10%.
The weakness in Indian equities followed a broader sell-off across global markets. Asian markets reversed earlier gains and traded lower, while US stock futures also slipped.
Precious metals also came under pressure after Trump said the United States would hit Iran “extremely hard” over the next two to three weeks.
The spot gold price dropped 1.3% to $4,695.15 per ounce, while silver prices declined 2.7% to $73.05 per ounce.
In contrast, crude oil prices surged sharply following the escalation concerns.
Brent crude futures jumped $4.88, or 4.8%, to $106.04 per barrel, while US West Texas Intermediate crude futures rose $4.17, or 4.2%, to $104.29 per barrel.
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
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