Stock Market Today | Closing Bell: Sensex Tanks 719 Points, Nifty Slides Over 1% As Last-Hour Sell-Off Deepens Amid Rising Middle East Tensions

Indian benchmark indices ended sharply lower on Monday, June 8, amid a broad selloff across Asian markets and a surge in crude oil prices following escalating tensions in the Middle East. Rising geopolitical risks and fears of higher energy costs dampened investor sentiment throughout the session. The Nifty 50 opened nearly 300 points lower and briefly recovered to touch an intraday high of 23,267.30. However, intense selling in the second half erased gains, pulling the index down more than 140 points from the day’s peak. The Nifty 50 eventually settled at 23,123, down 243.70 points or 1.04 per cent.

The Sensex ended 719.09 points lower, or 0.97 per cent, at 73,719.09. Bank Nifty also remained under pressure, closing 0.79 per cent lower. Investor nervousness was reflected in the India VIX, the market’s volatility gauge, which jumped 7.84 per cent during the day.

Crude Oil Spike Triggers Market Jitters

A key trigger behind the market decline was the sharp rally in crude oil prices. Brent crude futures surged more than 4 per cent to trade above USD 97 per barrel after fresh missile exchanges between Iran and Israel.

The escalation has raised concerns over potential disruptions to global oil supplies and cast uncertainty over efforts by US President Donald Trump to secure a new 60-day ceasefire arrangement with Tehran.

All Sectoral Indices End In Red

Selling pressure was visible across sectors, with all 11 major sectoral indices closing lower. The broader market also witnessed heavy losses, as the Nifty Midcap 100 declined 1.40 per cent and the Nifty Smallcap 100 dropped 1.92 per cent.

Nifty Realty emerged as the worst-performing sector, falling 2.56 per cent and snapping a two-session winning streak. Nifty Metal lost over 2 per cent, while Nifty Media, Nifty Auto, Nifty IT and Nifty Financial Services each fell more than 1 per cent.

IndiGo Slides on Aircraft Delivery Concerns

Among individual stocks, InterGlobe Aviation, the parent company of IndiGo, dropped 2.7 per cent after a Bloomberg report suggested the airline may not receive all nine Airbus A321XLR aircraft scheduled for delivery this year due to supply chain disruptions linked to the Iran conflict.

In contrast, EMS stood out as a rare gainer, soaring 10.35 per cent after securing a fresh order worth Rs 1.03 billion.

Reliance, HDFC Bank Weigh Heavily On Nifty

Bharti Airtel emerged as the biggest positive contributor to the Nifty 50, adding 9.99 points to the index. It was followed by Max Healthcare Institute and Power Grid Corporation of India.

On the losing side, Reliance Industries exerted the biggest drag, shaving 40.76 points off the Nifty. HDFC Bank and Larsen & Toubro also contributed significantly to the market decline.

Market Breadth Remains Weak

Market breadth on the NSE remained firmly negative. Of the 3,408 stocks traded, 2,543 declined while only 760 advanced. Another 105 stocks remained unchanged. A total of 77 stocks hit fresh 52-week highs, while 82 touched 52-week lows. The weakness was further highlighted by 133 stocks hitting lower circuits, compared with 96 stocks locked in upper circuits.

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