Stock Market
Indian stock market crashes as IT stocks bleed, Middle East tensions rattle investors
Mumbai/IBNS: The Indian stock market on Tuesday witnessed a sharp selloff as IT, financial and broader market stocks plunged during the opening hour amid rising geopolitical tensions and weak investor sentiment.
The BSE Sensex crashed over 750 points while the NSE Nifty slipped below the 23,650 mark, extending losses from the previous trading session.
IT stocks emerged as the biggest laggards, with the Nifty IT index nosediving nearly 4 percent.
Among the major losers on the BSE Midcap Index were Persistent Systems, JSW Infrastructure and Kaynes Technology.
On the gaining side, Oil India surged almost 7 percent and emerged as the top gainer on the BSE Midcap Index. Other gainers included Biocon, Oberoi Realty, Blue Star and NMDC.
Among Nifty stocks, Tata Consultancy Services emerged as the top loser, falling 4.44 percent. Other major laggards included Infosys, HCLTech, Tech Mahindra and Wipro.
Meanwhile, ONGC surged over 5 percent to become the top Nifty gainer as oil stocks benefitted from rising crude prices.
The market weakness also followed fresh geopolitical concerns after Donald Trump on Monday rejected Iran’s latest proposal aimed at ending the ongoing conflict in the Middle East, calling Tehran’s terms “totally unacceptable.”
His remarks have heightened fears of renewed escalation in the region after weeks of diplomatic efforts.
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